Markets next move awaits Fed speeches this week

Markets next move awaits Fed speeches this week



In April, the US economy saw a modest increase of 175,000 jobs, marking its slowest growth in six months, notably below market projections of 243,000 and a considerable drop from the robust 315,000 jobs added in March.

So, now we know the NFP data from last Friday, has this changed investors' outlook for fed rate cuts, and subsequently limit the recent strength in the USD? After the NFP, the USD was weakest against the NZD, falling by a little more than 0.75%.

The market might want to see a few more similar NFPs before they really get their hopes up again though.

Consequently, the prevailing sentiment might still be tilted in favor of the NZD/USD sellers. Any bullish sentiment that lingers may need to await the pair's crossing of the 50 and 200-day SMA in the upcoming trading sessions.

The upcoming week is marked by significant speeches from Fed officials, events that could potentially quash the NZD's upward momentum. This limitation on the NZD's upside potential might be reflected across all major currencies.

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