Ella 
NZD/USD continued to trade lower for the second consecutive session as the US dollar (USD) strengthened, which could be attributed to mixed data from the United States (USD). During the Asian trading session on Friday, NZD/USD fell to around 0.6020.
The S&P Global Services Purchasing Managers’ Index (PMI) fell slightly in March, falling to 51.7 from 52.3, slightly below expectations of 52.0. Conversely, the manufacturing PMI rose to 52.5, beating expectations of 51.7 and the previous reading of 52.2. However, the composite PMI edged down to 52.2 from the previous reading of 52.5.
The U.S. dollar index (DXY) continues to strengthen despite falling U.S. Treasury yields. However, the dollar encountered challenges as the Federal Reserve (Fed) reiterated expectations for three interest rate cuts in 2024. General consensus suggests the Fed will begin its easing cycle in June, with the timing of subsequent rate cuts dependent on new data.
