- The NZD / USD regained its traction after closing lower on Monday.
- The US Dollar Index remains below 92.00 on Tuesday.
- New Zealand’s second quarter employment report will be seen for fresh momentum.
The pair NZD / USD It posted small losses on Monday but managed to gain bullish momentum during the Asian session on Tuesday and rose to a daily high of 0.7019. At time of writing, the pair was up 0.6% on the day at 0.7010.
Market mood remains bullish on Tuesday
Earlier in the day, the strong rally seen in the AUD / USD pair following the Reserve Bank of Australia policy announcements helped the NZD / USD rise. Furthermore, renewed USD weakness appears to be allowing the pair to maintain its momentum ahead of the US session. Currently, the US Dollar Index is down 0.16% on the day at 91.92.
Later in the session, the ISM-NY Trade Conditions Index, IBD / TIPP Economic Optimism Index, and June Factory Orders data will be featured on the US Economic Agenda.
Meanwhile, the major Wall Street indices remain on track to open for the second day in a row in positive territory, suggesting that the dollar could continue to struggle to find demand if risk flows continue to control financial markets.
On Wednesday, Statistics New Zealand will release the second quarter jobs report. The unemployment rate is expected to decline to 4.5% from 4.7% in the first quarter. A stronger impression than anticipated is likely to help the NZD continue to outperform its rivals and vice versa.
Technical levels
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