NZD / USD moves sideways below 0.7200 amid lack of fundamental drivers

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  • The NZD / USD is moving within a tight range at the beginning of the week.
  • The DXY US Dollar Index records small daily gains above 91.00.
  • No major macroeconomic data will be released in the US on Monday.

The pair NZD / USD closed last week with little change and seems to be having a hard time determining his next short-term direction Monday. At the time of writing, the pair is down 0.28% on the day, trading at 0.7187.

USD selloff after NFP remains short-lived

The disappointing US NFP nonfarm payroll report, which showed the creation of only 49,000 new jobs in January, caused the dollar to lose its strength against its rivals and the NZD / USD gained 40 pips on Friday to turn positive for the week. Reflecting the negative reaction of the US dollar, the DXY dollar index lost more than 0.5% on the last day of the week.

Amid the lack of significant fundamental drivers, the DXY index is performing a technical correction, now trading at 91.18 and up 0.15% on the day.

No data will be released on the US economic calendar and investors are likely to turn their attention to the US stock markets Lately, the USD has shown a positive correlation with the major Wall Street indices and a strong Opening of the week could help the DXY index to rise. At the moment, S&P 500 futures are up 0.3%.

In the early hours of the Asian session on Tuesday, The Reserve Bank of New Zealand (RBNZ) will release its inflation expectations data for the first quarter.

NZD / USD technical levels

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