NZD/USD clears daily gains after NFP data NZDUSD NFP
of 190k. However, the Unemployment Rate rose slightly, reaching 3.7% instead of the expected 3.5%. Average Hourly Earnings, which serves as a gauge of wage inflation, stood at 4.3% YoY, slightly below the projected 4.4%.
The overall labor market outlook suggests that labor demand is showing some deceleration but the robust employment growth and the increasing inflationary pressures indicate that these developments make a case for theto reconsider a 25 basis points hike in the upcoming June meeting. As a result, US bond yields are experiencing an upward trend. The 10-year bond yield has increased to 3.68%, reflecting a gain of 2.70% for the day. Similarly, the 2-year yield stands at 4.51% with an increase of 3.
As the Fed officials mention, their ultimate goal is to assure full-employment and price stability, so the May Consumer Price Index , to be release next week, will play a crucial role in influencing the expectations and considerations of the Federal Open Market Committee regarding the next interest rate decision.
In case of further downside, support levels line up at the 0.6050 area and below at the 0.6025 zone and the 0.60 psychological mark. On the upside, resistances line up at the daily high around 0.6111 followed by the 200 and 20-day Simple Moving Average at 0.6150 and 0.6180 respectively.
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