NZD/USD drops to near 0.6300 as US Dollar attempts recovery, China’s official PMI in focus – by Sagar_Dua24 NZDUSD PMI Fed Coronavirus DollarIndex
Market mood is turning cautious as the Covid-19 situation in China is getting vulnerable.The NZD/USD pair has dropped to near intraday low at 0.6316 in the Asian session as has attempted a recovery after dropping to near 103.50. The New Zealand Dollar has witnessed selling pressure as COVID-19 situation in China is getting more vulnerable.
The headline of rising deaths from Covid-19 in China has spooked the market mood again. According to UK-based health data firm Airfinity “Around 9,000 people in China are probably dying each day from COVID-19. Also, cumulative deaths in China since Dec. 1 likely reached 100,000 with infections totaling 18.6 million.
S&P500 futures are holding the majority of their gains recorded on Thursday, portraying cautious optimism in the global market. At the press time, the USD Index is attempting to extend its rebound move above the crucial hurdle of 103.70. Meanwhile, the 10-year US Treasury yields have recovered their entire morning losses and have scrolled above 3.83%.
It seems that investors are shrugging off the release of an increment in initial jobless claims data and are supporting the USD index again. On Thursday, the United States Labor Statistics department reported an increase in jobless claims to 225K led by a pause in the recruitment process by various firms due to a bleakThis week, investors will keep an eye on China’s official PMI data, which will release this weekend.
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