Ella 
In early Asian trading on Friday, the NZD/USD currency pair still encountered resistance below the 0.6300 psychological mark. However, NZD/USD looks poised for further gains as the Federal Reserve maintains its dovish stance and the US dollar (USD) weakens. At press time, NZD/USD was at 0.6289, down 0.03% throughout the day.
The U.S. Department of Labor reported on Thursday that the number of Americans filing initial claims for unemployment benefits increased by 2,000 to 20,500 last week, down from 21,500 expected. Additionally, the U.S. Bureau of Economic Analysis (BEA) reported that U.S. third-quarter gross domestic product showed the U.S. economy grew by 4.9%, below expectations of 5.2%. Weaker-than-expected GDP growth numbers pushed the U.S. dollar lower across the board and provided a tailwind for NZD/USD.
RBNZ Governor Adrian Orr said on Wednesday that unexpectedly weak third-quarter gross domestic product data was a “complicated situation” ahead of the next cash rate decision in February. There will be other data released.
Statistics New Zealand released last week that New Zealand’s third-quarter gross domestic product growth data shrank by 0.3% from the previous increase of 0.5%, which was weaker than the expected 0.2%. In addition, the annual GDP rate in the third quarter was -0.6%, while the growth rate in the second quarter was 1.5%, which was lower than the expected growth of 0.5%.
The Fed’s preferred inflation gauge, the U.S. core PCE price index for November, will be released on Friday. In addition, the University of Michigan consumer confidence survey, durable goods orders report and new home sales data will also be released later in the day. These data could give NZD/USD a clear direction.
