On Friday, the NZD/USD pair remains in the red.
The US Dollar Index has remained close to multi-month highs hit earlier in the day.
The US Nonfarm Payrolls statistics will be released next.
The NZD/USD pair continued its weekly decline, falling to 0.6951, its lowest level in in two weeks, before recovering modestly. At the time of writing, the pair was trading at 0.6962, down 0.2 percent on the day.
The ANZ – Roy Morgan Consumer Confidence Index remained almost steady at 114.1 in June, according to data released earlier in the day, and this reading failed to elicit a market reaction.
The USD, on the other hand, continues to strengthen ahead of the June jobs report from the US Bureau of Labor Statistics. The Manufacturing PMI fell marginally to 60.6 in June from 61.2 in May, according to the ISM on Thursday. However, the PMI’s Prices Paid component hit a new series high of 92.1, reigniting fears about rising pricing pressures. The US Dollar Index (DXY) maintained its bullish momentum as a result of this report, reaching 92.69 on Friday, its highest level since early April. The DXY is currently trading at 92.64, up 0.12% on the day.
In June, nonfarm payrolls (NFP) in the United States are expected to rise by 700,000, with the unemployment rate falling to 5.7 percent from 5.8 percent in May. The USD is likely to benefit from a stronger-than-expected NFP reading, and vice versa.
NFP Predictions: Here are four reasons why June’s jobs data could be a downer for the currency./n
