NZD/USD Surges on Risk-On Sentiment After Weak US Jobs Data

The New Zealand dollar strengthened notably against the US dollar during Thursday's Asian session, with NZD/USD climbing 0.6% to 0.6175 as risk appetite improved across global markets. The catalyst was Wednesday's unexpected decline in US ADP private payrolls, which fell by 89,000 jobs in September versus expectations of a 140,000 increase, marking the first contraction since January 2021. This sharp miss fueled speculation that the Federal Reserve might pause its aggressive tightening cycle, weakening the greenback across the board. Asian equity markets responded positively, with the Nikkei and ASX 200 both posting gains above 1%. The kiwi dollar found additional support from improved commodity prices and China's manufacturing data showing expansion. Technical indicators suggest NZD/USD faces immediate resistance at 0.6200, while support sits at 0.6140. Traders await Friday's official US Non-Farm Payrolls report for further directional cues on Fed policy trajectory.