Nzdusd falls as mixed US economic data creates uncertainty

NZDUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.59%	-35.3 Pips
Week to-date	0.72%	43 Pips
June	0.72%	43 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

In the United States, economic data for April 2025 presents a mixed picture. Manufacturing faced a downturn as new orders for manufactured goods fell by 3.7%, a further decline from the revised 3.4% decrease witnessed in March. This indicates ongoing challenges in the manufacturing sector, possibly hinting at weakened demand or supply chain issues. Contrarily, the labor market showed signs of resilience, as job openings increased to 7.391 million in April, up from the revised figure of 7.2 million in March. The climb in job openings reflects continued demand for labor, suggesting that despite manufacturing troubles, other sectors might be absorbing available workforce, potentially supporting wage growth and consumption in the economy.

The impact of the U.S. economic data on NZDUSD, particularly the currency’s strength and movement, is noteworthy. The decrease in U.S. manufacturing orders indicates a struggling part of the economy that could lead to speculation about weaker economic performance overall, possibly weakening the U.S. Dollar in the longer term. However, the increase in job openings suggests economic resilience, which might underpin investor confidence in the U.S., thereby supporting the U.S. Dollar. On Tuesday, the NZDUSD fell by 0.59% to 0.59960, amidst a lack of major events influencing the movement, suggesting that the pair remains largely in consolidation. While this movement may reflect broader market sentiment or temporary reactions, the mixed economic signals from the U.S. could contribute to uncertainty in the currency pair’s direction. If the labor market continues to show strength, it might bolster the U.S. Dollar, leading to sustained pressure on NZDUSD in the near term.

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What can we expect from NZDUSD today?

NZDUSD on Tuesday dropped -0.59% to 0.59960. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.59698 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60543 or trades above daily pivot 0.60121. Break above could target R1 at 0.60382. While to the downside, we are looking at 0.59698 (S1) and daily low of 0.59859 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.59859 would indicate selling pressure.

For the week to-date, take note that NZDUSD is mixed as compared to the prior week.

Key levels to watch out:

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