The NZD/USD set a fresh low of 0.5772 for 2023, the pair's lowest bid since November of last year. After chalking in a new yearly low, the Kiwi (NZD)
The NZD/USD caught some much-needed lift on Thursday after setting a new eleven-month low. NZ's Roy Morgan Consumer Confidence for October improved slightly. Markets are turning towards Friday's US PCE Index release to close out the trading week. The NZD/USD set afresh low of 0.5772 for 2023, the pair's lowest bidsince November of last year. After chalking in a new yearly low, the Kiwi caught a much-needed rebound and heads into the Friday Asia market session trading near 0.5820.
The PCE Index, as the Federal Reserve's favored measure of inflation, will be closely watched by traders hoping for signs that the Fed will be pushed into a rate-cut cycle sooner rather than later. NZD/USD Technical Outlook With the NZD/USD trading into eleven-month lows, the way below is primed for the Kiwi to face off against swing lows from back in November of 2022, near 0.5740. Technical resistance is mounting on the NZD/USD with the 50-day Simple Moving Average dropping into 0.
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