- The NZD / USD is moving sideways within a very tight range on Thursday.
- The US Dollar DXY Index recovers above 92.00 after falling to the lowest level since September.
- The Roy Morgan Consumer Sentiment Index will be released from New Zealand on Friday.
The general weakness of the USD allowed the pair NZD / USD will record its highest daily close since June 2018 at 0.7003 on Wednesday. With trading conditions declining on Thursday, the pair appears to have entered a consolidation phase, moving laterally near the 0.7000 level.
DXY index rebounds modestly on Thursday
Following the release of mixed macroeconomic data, minutes from the November FOMC meeting showed that policymakers believed that the Fed could offer more easing by increasing the pace of purchases or switching to longer maturities. The DXY US Dollar Index declined after this release and hit its worst level in nearly three months at 91.84 in the early hours of the Asian session on Thursday.
Data from the US showed that economic activity expanded 33.1% annually in the third quarter. Additionally, initial jobless claims increased by 30,000 to 778,000 and durable goods orders increased by 1.3% to exceed the market’s expectation of 0.9%.
But nevertheless, downward pressure around the dollar appears to have eased on Thursday due to the Thanksgiving holiday in the United States. At the moment, the DXY index is posting small daily gains at 92.04.
On Friday, New Zealand’s Roy Morgan consumer confidence data will be released and could generate further momentum. However, the pair is likely to extend its sideways move before the weekend.
NZD / USD technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
