- The NZD / USD fell to a new weekly low on Tuesday.
- The US Dollar Index remains in positive territory above 92.00.
- The focus shifts to the CB Consumer Confidence Index data.
After last week’s technical correction, the pair NZD / USD it closed in negative territory on Monday and extended its slide into the first half of the day on Tuesday. At time of writing, the pair is trading at its lowest level since June 22 at 0.6983, shedding 0.58% on the day.
Rising U.S. Treasury Yields Support the USD
In the absence of important fundamentals, the USD market valuation remains the main driver of the NZD / USD movements. The US Dollar Index, which tracks the dollar’s performance against a basket of six major currencies, is currently climbing 0.3% on the day at 92.15. The 2% rise seen in the benchmark 10-year US Treasury yield appears to be helping the USD outperform its rivals on Tuesday.
Later in the session, the Conference Board will release the consumer confidence index data for June. The April House Price Index will also be featured on the US economic agenda.
Meanwhile, major US stock indices remain on track to open the day little changed, suggesting that the dollar is likely to retain its strength in the second half of the day.
Today, ANZ Business Confidence data will examine ANZ Business Confidence data and ANZ activity outlook for fresh momentum.
Technical levels
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