NZD / USD clings to modest daily gains, trading above 0.7300

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  • The NZD / USD is rising for the fourth day in a row on Thursday.
  • The US Dollar Index continues to fluctuate around 90.00.
  • The mixed data releases from the US do not elicit a noticeable reaction from the market.

After posting strong daily gains on Wednesday, the pair NZD / USD it maintained its bullish momentum and continues to trade in positive territory on Thursday. At time of writing, the pair was up 0.32% on the day at 0.7303.

The aggressive tone of the Reserve Bank of New Zealand (RBNZ) provided a boost to the NZD on Wednesday. Commenting on the RBNZ’s political outlook, “the RBNZ has made it clear that any rate hike will be ‘conditional on the economic outlook.’ Also, Governor Orr said ‘who knows where we’ll be by then’ in reference to the third quarter. 2022, “Rabobank analysts said. “In light of the aggressive outlook on RBNZ rates, we have raised our 3-month forecast for the NZD / USD very moderately from 0.72 to 0.73.”

DXY holds close after US data.

Meanwhile, the US Dollar Index (DXY) remains relatively resilient after Wednesday’s rebound and limits the rise in the NZD / USD for the time being. Currently, the DXY has changed little on the day at 89.98.

Data from the US showed on Thursday that initial weekly jobless claims dropped to 406,000 from 478,000. Additionally, durable goods orders were down 1.3%, compared to analysts’ estimate of a 0.7% increase. Finally, the US Bureau of Economic Analysis announced that it left first-quarter GDP growth unchanged at 6.4% in its second estimate.

Following the release of mixed macroeconomic data from the US, the observed 2% rise in the yield on 10-year US Treasuries is helping the USD find demand.

Technical levels

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