On Friday, the New Zealand Dollar rose 0.3% to around $0.6094 after stagnating in the previous session. This increase was due to a weakening US Dollar, which caused the US Dollar Index to fall to around 102.4. Investors are awaiting the upcoming US monthly jobs report, which is expected to influence US interest rate policy.
 
Meanwhile, the Australian Dollar also gained 0.3% to $0.6574, continuing its recovery from a two-month low of $0.6541 that occurred on Thursday.
 
Positive sentiment has also increased due to data from China showing that the country's services sector growth exceeded expectations last month, benefiting New Zealand as a major trading partner.
 
Traders are looking forward to New Zealand's food inflation data set to be released next week, following an index increase in June.
 
At the same time, data released on Wednesday revealed that New Zealand's unemployment rate reached a two-year high of 3.6% in Q2 2023, up from 3.4% in Q1.
 
However, for this week, the New Zealand Dollar (NZD) has declined 0.7% after stagnating in the previous week, due to the strengthening US Dollar raising concerns over a hawkish stance from the Federal Reserve.
 
Warning!
 
This analysis is based on views from fundamental and technical perspectives from reliable sources and should not be considered as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research regarding other forex information to serve as a reference in your trading.
 
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