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New Zealand dollar steadies near 0.5870 ahead of jobs data
NZD/USD is holding around 0.5870 after ISM Manufacturing lifted US yields, while traders look to New Zealand labor-market figures including wage growth.
FXStreet said NZD/USD is trading with a steady tone near 0.5870, holding most of last week’s gains but struggling to extend them as the US Dollar regains composure.
The outlet pointed to strength in the US ISM Manufacturing Purchasing Managers Index, which rose to 55.6 in July from 53.3 and beat the 54.0 consensus, lifting Treasury yields and weighing on appetite for higher-beta currencies.
On the other side, FXStreet noted that a steep drop in crude oil prices, after President Donald Trump confirmed talks with Iran, helped improve the broader risk mood and supported the New Zealand dollar versus losses seen in the Australian dollar.
Attention now shifts to New Zealand’s second-quarter labor market report, with the unemployment rate forecast to rise to 5.4% from 5.3% and employment change expected to slow to 0.1% QoQ from 0.2%, while wages are expected to pick up in the Labor Cost Index. FXStreet added that NZD/USD also remains exposed to Chinese data, with the RatingDog Services PMI expected to ease to 53.7 from 54.1.
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