New Zealand Dollar stalls below 0.5900 as US Dollar regains safe-haven appeal
NZD/USD trades around 0.5895 on Monday at the time of writing, virtually unchanged on the day.
On Monday, the New Zealand Dollar (NZD) remained stagnant near 0.5895 against the US Dollar (USD), failing to make significant gains despite the US Dollar's renewed safe-haven appeal. The USD's resurgence came after the United States reported an unexpected 23K job loss in July, as the Nonfarm Payrolls (NFP) data showed a revised drop from the initially reported 57K job additions.
However, geopolitical tensions in the Middle East and rising oil prices revived demand for safe-haven assets, bolstering the USD. The NZD's downward pressure was also fueled by a weaker inflation outlook in China, which threatened the world's second-largest economy. The Reserve Bank of New Zealand (RBNZ) maintained a hawkish stance, supporting the NZD amid uncertainty.
Market analysts noted that NZD/USD was hovering around 0.5895, consolidating above key moving averages, with short-term support at the 100-period SMA and resistance near the 0.5909 level.
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