NZD / USD capped below 0.7250 level

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  • NZD / USD is moving slightly higher after closing in positive on Monday.
  • The USD struggles to find demand as risk appetite money flows continue to dominate the markets.
  • Investors await data on consumer confidence and US new home sales.

The pair NZD / USD managed to close the first day of the week in positive territory and continues to move higher just before the start of the American session on Tuesday. At the time of writing, the pair slightly retraces from intraday high of 0.7250, still positive on the day.

USD selloff continues Tuesday

Extensive selling pressure around the US dollar has allowed the NZD / USD to gain traction at the beginning of the week. In the absence of important fundamental factors, risk appetite sentiment in markets has made it difficult for the USD to attract investors. The DXY US Dollar Index lost DXY 0.21% on Monday and is extending its slide to a new multi-month low of 89.53 on Tuesday.

Meanwhile, S&P 500 futures are up 0.3% on the day and Nasdaq futures are up 0.45%, suggesting risk appetite money flows are likely force the USD to remain on the defensive in the second half of the day.

Later in the session, the Conference Board consumer confidence report and new home sales data will be included in the US economic calendar.

On Wednesday, the Reserve Bank of New Zealand to announce its interest rate decision and will publish the Monetary Policy Statement during the Asian session.

NZD / USD technical levels

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