- The NZD / USD is moving higher after closing in negative territory the day before.
- The US Dollar DXY Index remains below the 90.00 level on Tuesday.
- The major Wall Street indices appear to be opening higher.
The pair NZD / USD it posted modest losses on Monday, but managed to reverse its direction on Tuesday. At the time of writing, the pair is up 0.78% on the day, trading at 0.7258.
The sell off around the USD gains momentum
Improving market sentiment is helping the NZD find demand. Reflecting market optimism, major European stock indices are up 0.3% to 0.4% on the day, while S&P 500 futures and Nasdaq futures are up 0.3% and 0.7%, respectively.
On the other hand, The dollar remains on the defensive with the US dollar DXY index trading at its lowest level since late February at 89.85 and losing 0.4% on the day.
Later in the day, April building permit and home construction data will be included in the US economic calendar In addition, New Zealand’s bi-weekly GDT price index will also be released to obtain a new momentum during the American session.
On Wednesday, IPP producer price index data for the first quarter will also be released from New Zealand. However, investors are unlikely to react to this data as risk perception could continue to drive the pair’s moves before the FOMC releases the minutes of its April monetary policy meeting.
NZD / USD technical levels
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