On Friday, the US Bureau of Labor Statistics (BLS) revealed that Nonfarm Payrolls (NFP) rose by 236K in March, the lowest since January 2021 (considering the revisions), versus 240K expected and 326K prior. Further, the Unemployment Rate eased to 3.5% versus 3.6% prior while the Labor Force Participation Rate improved to 62.6% from 62.5%. Finally, annual wage inflation, per the Average Hourly Earnings, dropped to 4.2% from 4.6%, versus market forecasts of 4.3%. 

It should be noted that the RBNZ’s hawkish surprise and the downbeat US Treasury bond yields, as well as fears of the US recession, weigh on the US Dollar and tease the Kiwi pair buyers ahead of the key catalysts.

Moving forward, the Easter Monday holiday in major markets could restrict NZD/USD moves despite the aforementioned price-negative catalysts. That said, Consumer Price Index (CPI) data from the US and China will join the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes to direct short-term NZD/USD moves. It’s worth noting that any more escalation in the geopolitical fears won’t hesitate to portray the pair’s slump towards the 0.6200 round figure.