NZD/USD gains ground around 0.6142 amid the softer US Dollar.
US ISM Manufacturing PMI came in at 49.1 in January vs. 47.1 prior, the highest since October 2022.
New Zealand’s Building Permit improved to 3.7% MoM in December from a fall of 10.6% in November.
The US Nonfarm Payrolls will be in the spotlight on Friday.
The NZD/USD pair posts modest gains below the mid-0.6100s during the early Asian session on Friday. The weaker US Dollar (USD) and lower bond yields provide some support for the pair. Investors await the highly anticipated US Nonfarm Payrolls (NFP) data on Friday for fresh impetus. This evening might trigger volatility in the market. At press time, the pair is trading at 0.6142, gaining 0.04% on the day.
On Thursday, the US ISM Manufacturing PMI grew to 49.1 in January from the previous reading of 47.1, the highest since October 2022. This figure came in better than the market expectation of 47.0. The New Orders index rose into expansionary territory at 52.5, the Production Index grew to 50.4, and the Prices Index climbed to 52.9.
After the Federal Reserve (Fed) meeting on Wednesday, Chair Powell stated that the FOMC is unlikely to get enough evidence to cut rates in March. The NFP report on Friday will be a closely watched event. The US economy is expected to add 180K jobs in January, following 216K additions last month. The Unemployment Rate is projected to tick up to 3.8%, and Average Hourly Earnings are estimated to show an increase of 0.3% MoM
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