- The NZD / USD is rising for the second day in a row on Friday.
- The US Dollar DXY Index falls more than 0.3% ahead of US data.
- The major Wall Street indices are moving into positive territory.
The pair NZD / USD closed above 0.7200 on Thursday and has maintained its bullish momentum on Friday. At time of writing, the pair is up 0.69% on the day at 0.7269, hitting new weekly highs.
DXY index points lower towards the 90.00 level
The selling pressure around the USD and the risk appetite sentiment in the market appears to be driving the NZD / USD rise ahead of the weekend.
The US dollar DXY index, which lost 0.4% on Thursday, continues pushing lower as investors show no interest in the safe-haven dollar. Reflecting market optimism, S&P 500 futures are up 0.35% on the day. If the major Wall Street indices post decisive gains after the opening bell, the DXY index is likely to remain on the defensive and help the NZD / USD extend its two-day move higher.
Earlier in the day, New Zealand data showed that the PPI producer price index in the fourth quarter fell to 0% from 0.6% in the prior quarter, but this reading did not elicit a significant market reaction.
On the other hand, the US economic calendar will include IHS Markit’s preliminary manufacturing and services PMI reports and existing home sales.
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.
