- The NZD / USD lost momentum after climbing above 0.7300.
- DXY clears losses and hits highs for the day above 90.90 ahead of major US data.
The NZD / USD closed the first two days of the week with gains and on Wednesday it is trading in neutral ground. It reached the high of the day at 0.7305 and then fell back to 0.7273, marking a low. The bullish moment finds it difficult to hold firm when the price exceeds 0.7300.
Eye on yields and data
In the Asian session, data from China showed that Caixin’s services PMI in February fell to 51.5 from 52 in January. The data had no impact on the market. The rise in stocks helped the NZD.
The good mood in the markets remains and Wall Street futures point to an open with gains in the order of 0.50% for the main indices.
Treasury yields were advancing which has given the dollar strength and support on Wednesday. The DXY bounced from the 90.60 area towards 91.00.
Today ADP’s private sector employment report in the US will be published, as well as figures from the services sector (ISM and Markit). The Fed’s Beige Book on the state of the economy will be out in the afternoon. In addition, officials from the Federal Reserve will speak.
Technical levels
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