Ella 
NZD/USD snapped a two-day winning streak, trading around 0.6020 during Friday’s Asian session. The New Zealand dollar came under pressure following the release of the New Zealand Business Manufacturing Performance Index (PMI), which measures business activity in the country’s manufacturing sector.
However, the data showed an improvement in April, with the seasonally adjusted reading reaching 48.9, compared with 46.8 in March, but still down from 49.1 in February. Although manufacturing has shrunk for 14 consecutive months, there are signs of improvement.
On Saturday, Chinese consumer price index (CPI) data is expected to show a 0.1% increase in April, which could affect New Zealand markets given the close trade relationship between the two countries.
The U.S. Dollar Index (DXY), which measures the U.S. dollar’s performance against six major currencies, attempted to rebound on sentiment that the Federal Reserve (Fed) will keep interest rates higher for longer. However, the dollar faced challenges as U.S. Treasury yields fell, which may be related to soft U.S. jobless claims data released on Thursday.
Data released by the U.S. Bureau of Labor Statistics (BLS) showed that the number of initial jobless claims last week exceeded expectations. Initial jobless claims rose to 231,000 for the week ended May 3, beating estimates of 210,000 and up from 209,000 the previous week.
The preliminary value of the Michigan Consumer Confidence Index for May will be released today, and is expected to show a slight decline. The index is a survey that measures U.S. consumer sentiment across three main areas: personal finances, business conditions and purchasing conditions.
