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New Zealand Dollar holds near 0.5940 as US dollar firms ahead of Jackson Hole
NZD/USD is trading around 0.5940, with US Initial Jobless Claims expected to be about 208K and New Zealand consumer confidence due later.
The New Zealand dollar is steady against the US dollar, with NZD/USD changing little near 0.5940 as the Kiwi consolidates after a strong rebound, according to FXStreet.
FXStreet notes that a firmer US dollar ahead of the Jackson Hole Symposium is limiting further upside for NZD/USD, even as sentiment has improved after reports of a US-Iran ceasefire that would reopen the Strait of Hormuz.
The next market catalyst for the pair is US labor-market data, with US Initial Jobless Claims seen ticking up to around 208K, while New Zealand’s ANZ–Roy Morgan Consumer Confidence survey for August is also scheduled, with the prior reading at 99.3.
On the technical side, FXStreet says NZD/USD is holding between the rising 100-period SMA around 0.5905 and the 20-period SMA near 0.5962, and that an RSI near 46 points to fading bullish momentum and consolidation rather than a near-term breakout.