NZD/USD PARES INTRADAY LOSSES ABOVE 0.6200 AS YIELDS WEIGH ON US DOLLAR AHEAD OF US PMI II

It’s worth noting that the mixed US data also challenge the NZD/USD prices. That said, the US Chicago Fed National Activity Index (CFNAI) dropped to -0.19 in February versus 0.0 expected and 0.23 prior. Further, Weekly Initial Jobless Claims declined to 191K for the week ended on March 18, versus 192K prior and 203K market forecasts. It should be noted that the US New Home Sales rose 1.1% in February from 1.8% prior, versus 1.6% analysts’ estimation, whereas Kansas Fed Manufacturing Index for March rose to 3.0 from -9.0 prior and 6.0 expected.

While portraying the mood, the US 10-year and two-year Treasury bond yields remain depressed at around 3.38% and 3.78% respectively by the press time whereas the S&P 500 Futures struggle to copy Wall Street’s positive moves.

Moving on, NZD/USD pair traders should pay attention to the market sentiment, as well as to the US Treasury bond yields, for clear directions. Also important to watch will be the first readings of the US S&P Global PMIs for March and Durable Goods Orders for February.

Also read: S&P Global PMIs Preview: EU and US figures to shed light on economic progress