- The NZD / USD is moving within a tight range on Friday.
- DXY US Dollar Index Consolidates Weekly Gains Below 91.50
- Investors await the US NFP Nonfarm Payroll report for January.
The pair NZD / USD It lost nearly 50 pips on Thursday and extended its decline to a daily low of 0.7136 during the Asian session on Friday. With price action turning cautious ahead of the release of key US macroeconomic data, the pair appears to have entered a consolidation phase, retreating towards the 0.7150 region after having set a daily high near 0.7180.
The rise of the DXY index loses steam
The constant strength of the USDAs reflected in the strong rally in the US Dollar DXY index, it has not allowed the NZD / USD to take advantage of the risk appetite sentiment in the market this week.
The DXY index rose to its highest level in more than two months at 91.60But it has lost its bullish momentum as investors appear to be on the sidelines ahead of the release of the US NFP Nonfarm Payroll Report At time of writing, the DXY Index is down 0.1% on the day at 91.43.
Market expectations point to a 50,000 new jobs increase in NFP report after the disappointing loss of 140,000 in December. A stronger than expected reading could provide a boost to the dollar and see the NZD / USD end the week on the defensive.
NZD / USD technical levels
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