- The NZD / USD is struggling to find direction on Tuesday.
- The US dollar index remains in positive territory during the American session.
- The GDT price index in New Zealand declined 3.8%.
The pair NZD / USD It fell to a daily low of 0.7168 during European trading hours, but managed to erase its daily losses early in the US session. However, the pair failed to gain bullish momentum and was last seen shedding 0.15% on the day at 0.7190.
DXY Rises Even Higher Thanks to Recovery in Treasury Yields
Hours earlier, data released by the US Census Bureau showed that retail sales in February were down 3%. This reading disappointed market expectations of a 0.5% decline, but was largely ignored by market participants. Other US data revealed that industrial production in February contracted 2.2% due to severe weather conditions.
The US Dollar Index, which spent most of the day near 91.80, was last seen rising 0.11% on the day at 91.93. An observed recovery in the yield on 10-year US Treasuries in the last hour appears to be helping the dollar find demand.
On the other hand, the biweekly Global Dairy Trade (GDT) auction showed a 3.8% decrease in the GDT price index, compared to analysts’ estimate of a 9.5% increase.
On Wednesday New Zealand will release the February REINZ house price index and current account data for the fourth quarter, but they are not expected to trigger a significant market reaction.
Technical levels
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