3/1/2021 11:01:08 AM GMT | By Eren Sengezer
NZD/USD struggles to preserve its recovery momentum on Monday.
US Dollar Index reclaims 91.00 after earlier decline.
Investors await February Manufacturing PMI data from US.
The NZD/USD pair suffered heavy losses in the second half of the previous week and lost nearly 200 pips in a two-day span. Although the pair edged higher toward 0.7300 at the start of the new week, it seems to be struggling to preserve its momentum. As of writing, NZD/USD was clinging to small daily gains at 0.7236.
The PMI figures from China over the weekend showed that the economic activity in the manufacturing sector grew at a softer pace than expected in February. Despite the disappointing data, the risk-on market environment helped the kiwi gather strength during the Asian trading hours.
February 2021 ISM and Markit Manufacturing Surveys Mixed
The ISM Manufacturing survey improved and remains in expansion. The Markit PMI manufacturing index marginally declined but remains in expansion. The index value of ISM and Markit are similar.
Analyst Opinion of the Manufacturing Surveys
Based on these surveys and the district Federal Reserve Surveys, one would expect the Fed s Industrial Production index growth rate to be the same as last month. Overall, surveys do not have a high correlation to the movement of industrial production (manufacturing) since the Great Recession. No question these surveys suggest the economy is no longer in recession.
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