NZD / USD consolidates Monday’s gains, moves within a narrow range near the 0.6900 level

• The NZD / USD is fluctuating within a tight range on Tuesday.
• Risk appetite sentiment seems to have lost momentum.
• The DXY US Dollar Index remains negative ahead of US data.

Publishing Upbeat macroeconomic data from China and the risk appetite environment The market share helped the NZD outperform its rivals earlier in the week. The pair NZD / USD reached its highest level since March 2019 at 0.6920 on Monday, but had difficulty maintaining its bullish momentum. At the time of writing, the pair is down 0.01% on the day at 0.6903.

The renewed optimism for a coronavirus vaccine After Moderna announced that its candidate was 94.5% effective, it triggered a rebound in risk appetite on Monday and global stock indices posted strong gains.

However, the growing number of coronavirus cases in Europe suggests that there could be additional lockdown measures before a vaccine is widely available.. At the moment, S&P 500 futures are down 0.4% on the day, signaling a negative shift in risk sentiment.

The focus is on US data.

Meanwhile, the US dollar DXY index posted losses for the fourth day in a row on Thursday, helping the NZD / USD limit its decline. At the moment, the DXY is down 0.25% at 92.42.

Later in the day data for retail sales, industrial production and commercial inventories will be included in the US economic calendar Investors expect retail sales to rise 0.5% in October and a weaker than expected reading could see safe-haven money flows weigh on the NZD / USD during the session American. Additionally, the biweekly GDT auction in New Zealand is scheduled to take place at the end of the US session on Tuesday.

NZD / USD technical levels