- NZD / USD continues to push lower in the US session.
- The US Dollar Index continues to float above 90.00.
- The focus shifts to New Zealand mid-level data publishing.
The pair NZD / USD it came under renewed downward pressure in the early trading hours of the US session and hit a daily low of 0.7188. At time of writing, the pair was down 0.38% on the day to 0.7200.
USD retains its strength on Tuesday
In the absence of major macroeconomic data releases, the USD market valuation continues to affect NZD / USD movements. Despite the 2% drop seen in the 10-year US Treasury yield, the US Dollar Index (DXY) remains in positive territory above 90.00 on Tuesday. The uninspiring performance of the major Wall Street indices appears to be allowing the dollar to remain resilient against its main rivals.
Hours earlier, the US Census Bureau reported that the US goods and services deficit fell by $ 6.1 billion to $ 68.9 billion in April, compared to analysts’ estimate of a deficit of 69 billion dollars. However, this report had little to no effect on DXY.
On Wednesday, Q1 manufacturing sales data, ANZ business confidence and ANZ New Zealand activity outlook will be analyzed for further momentum.
On the other hand, the next major US data release will be Thursday’s Consumer Price Index (CPI), which is expected to rise to 4.7% annually in May from 4.2% in April.
Technical levels
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