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NZD/USD rebounds above 0.5850 after stronger China services PMI
China’s Services PMI rose to 51.4 in August from 50.4, helping the Kiwi reverse a four-day slide even as traders look ahead to US August jobs data.
The NZD/USD pair rebounded to around 0.5860, snapping a four-day losing streak in early Asian trade, as FXStreet said the New Zealand dollar gained on stronger economic data from China.
RatingDog data showed China’s Services Purchasing Managers’ Index rose to 51.4 in August from 50.4 in July, topping the 50.6 consensus, which FXStreet framed as supportive for the Kiwi because China is a major trading partner for New Zealand.
FXStreet noted investors are also watching US August jobs data later on Friday, while expectations for a Federal Reserve rate hike remain elevated after Fed Chair Kevin Warsh’s Jackson Hole remarks.
The piece added that technical signals keep a bearish near-term tone, with NZD/USD still consolidating near the lower Bollinger Band and support at the 100-day simple moving average around 0.5845.