FxWirePro: NZD/USD softens as markets await US inflation data

• NZD/USD eased on Wednesday  as  dollar   gained some  support ahead of U.S. July PCE price index data.

• Economists polled by Reuters expect that new inflation data on Wednesday will show that the Personal Consumption Expenditures price index, ​excluding food and energy, increased at a 3.3% annual rate in July.

• Core PCE, a key measure of underlying inflation, has risen steadily since last year, driven by tariffs, higher oil prices from the Iran war and strong AI investment.

•The Fed's policy rate, currently in the 3.5% to 3.75% range, ​has been on hold ​since December as ⁠officials waited for inflation to ease.

• Federal Reserve Chair Kevin Warsh is set to deliver his closely watched keynote address at the annual Jackson Hole symposium on Friday, August 28, rather than Thursday.
 
•  Immediate resistance is located at 0.5968(38.2%fib), any close above will push the pair towards 0.6009(Higher BB).

•  Support is seen at 0.5912(50%fib) and break below could take the pair towards 0.5903(SMA 20).

 Recommendation: Good to buy around 0.5900 with stop loss of 0.5850 and target price of 0.5970