The NZD/USD pair is holding onto gains near 0.6200 as investors await the US Nonfarm Payrolls (NFP) report for May. The Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates steady, while the Federal Reserve (Fed) is anticipated to cut rates. The New Zealand Dollar has strengthened amid speculation about RBNZ rate cuts next year.
Market sentiment could shift after the release of the US NFP report, expected to show an increase in payrolls. Investors will also focus on Average Hourly Earnings data, which reflects wage growth momentum. The US employment data will impact expectations for Fed rate cuts in September.
NZD/USD is trading near resistance levels and in a Rising Channel pattern, with bullish EMAs suggesting a positive trend. The RSI indicates bullish momentum. A break above 0.6216 could lead to further gains, while a drop below 0.6050 may trigger a downside move.
Overall, the NZD/USD pair remains influenced by interest rate differentials and market sentiment, with key data releases shaping future expectations.