The NZD/USD pair is currently hovering around the 0.5950 level as traders await the release of the US Nonfarm Payrolls data. This important economic indicator is expected to have a significant impact on the currency pair’s movement.
Investors are closely monitoring the Nonfarm Payrolls data, which is a key measure of employment in the United States. A better-than-expected report could strengthen the US dollar, leading to a decline in the NZD/USD pair. On the other hand, a weaker-than-expected report could weaken the US dollar, potentially pushing the pair higher.
The NZD/USD pair has been trading in a tight range in recent sessions, as market participants await further clarity on the economic impact of the ongoing coronavirus pandemic. The pair has been under pressure due to the global economic slowdown caused by the pandemic, but any positive developments in the US labor market could provide some support for the pair.
Overall, the NZD/USD pair is awaiting the US Nonfarm Payrolls data near the 0.5950 level, with traders keeping a close eye on the report for clues about the direction of the currency pair.