NZD/USD looks to continue the two-day winning streak from the previous week, trading around 0.5960 during the early trading hours of the Asian session
on Monday. However, the pair received upward support as the US Dollar retraced a portion of its intraday gains, which could be attributed to the fall in the US Treasury yields on Friday.
The New Zealand economy appears to be more resilient than initially anticipated, and the domestic data for September strongly emphasizes the necessity for further monetary policy tightening. Hence, the markets seem to price in the Official Cash Rate hike by the Reserve Bank of New Zealand through the end of the year 2023.
Meanwhile, the Services PMI declined to 50.2 from 50.5 in July, which was expected to grow at a reading of 50.6. The Composite reading, which provides an overall view of business activity, was in line with estimates at 50.1 but lagged behind August's 50.2 level. Additionally, the Fed's "dot plot" now indicates only two rate hikes in 2024, down from the previous projection of four rate hikes.
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