NZD/USD jumps above 0.5900 as Iran agrees for another round of talks with US

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The NZD/USD pair trades 0.3% higher above 0.5900 during the Asian trading session on Tuesday. The Kiwi pair gains as the market sentiment turns risk-on due to reports claiming that Iran has agreed to another round of peace talks with the United States (US).

NZD/USD rises above 0.5900 as market sentiment turns favorable for riskier assets.
Iran’s confirmation for another round of peace talks with the US has improved investors’ risk appetite.
NZ Q1 CPI grew at a stronger pace of 0.9%m beating 0.8% estimates.

New Zealand Dollar Price Today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.12%	0.14%	0.10%	0.02%	0.15%	-0.13%	0.12%
EUR	-0.12%		0.03%	-0.02%	-0.10%	0.04%	-0.25%	0.01%
GBP	-0.14%	-0.03%		-0.04%	-0.11%	0.00%	-0.28%	-0.01%
JPY	-0.10%	0.02%	0.04%		-0.07%	0.05%	-0.26%	0.02%
CAD	-0.02%	0.10%	0.11%	0.07%		0.12%	-0.18%	0.10%
AUD	-0.15%	-0.04%	-0.01%	-0.05%	-0.12%		-0.30%	-0.02%
NZD	0.13%	0.25%	0.28%	0.26%	0.18%	0.30%		0.28%
CHF	-0.12%	-0.01%	0.01%	-0.02%	-0.10%	0.02%	-0.28%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

In the Asian trade, S&P 500 futures are 0.15% higher to near 7,120, reflecting an upbeat market mood. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is marginally higher to near 98.10.

A report from the Wall Street Journal (WSJ) states that Iran has told regional mediators that it would send a negotiating team to Islamabad on Tuesday for the second round of talks with the US. However, there has been no official confirmation by Tehran.

On Monday, Iran's foreign ministry spokesperson Esmail Baghaei said that there is “no plan for a second round of negotiations with the US for now. Baghaei added that the US seems “not serious” about pursuing the diplomatic process, remains committed to 'aggressive acts' and has violated ceasefire provisions.

On the domestic front, higher-than-projected New Zealand (NZ) Q1 Consumer Price Index (CPI) data is expected to force traders to raise bets supporting interest rate hikes by the Reserve Bank of New Zealand (RBNZ) in the near term.

Earlier in the data, the data showed that the NZ CPI grew by 0.9%, beating estimates of 0.8% and the previous reading of 0.6%. On an annualized basis, price pressures rose steadily by 3.1%. while they were anticipated to have grown at a moderate pace of 2.9%.

Economic Indicator

Consumer Price Index (QoQ)

The Consumer Price Index (CPI), released by Statistics New Zealand on a quarterly basis, measures changes in the price of goods and services bought by New Zealand households. The CPI is a key indicator to measure inflation and changes in purchasing trends. The QoQ reading compares prices in the reference quarter to the previous quarter. A high reading is seen as bullish for the New Zealand Dollar (NZD), while a low reading is seen as bearish.

Why it matters to traders?

With the Reserve Bank of New Zealand's (RBNZ) inflation target being around the midpoint of 2%, Statistics New Zealand’s quarterly Consumer Price Index (CPI) publication is of high significance. The trend in consumer prices tends to influence RBNZ’s interest rates decision, which in turn, heavily impacts the NZD valuation. Acceleration in inflation could lead to faster tightening of the rates by the RBNZ and vice-versa. Actual figures beating forecasts render NZD bullish.

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