NZD / USD recovers modestly, trading around 0.7100 ahead of US data.

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  • The NZD / USD fell to a daily low of 0.7080 at the start of the European session.
  • The US Dollar Index is holding on to modest gains above 92.60.
  • Focus shifts to US mid-tier data release.

After closing the first two days of the week in negative territory, the pair NZD / USD it extended its slide and hit a six-day low of 0.7081 early in the European session before making a modest rebound. At time of writing, the pair was virtually unchanged on the day at 0.7098.

Risk flows continue to support the USD

The widespread USD strength since the beginning of the week is making it difficult for the NZD / USD to gain traction. The US Dollar Index is currently up 0.16% on the day at 92.68. In the absence of significant fundamental drivers, the risk-averse market environment is helping the dollar find demand on Wednesday. Reflecting the depressing mood, the major European stock indices fell between 0.6% and 0.9%.

Later in the session, the IBD / TIPP Economic Optimism Index for the September and July JOLTS job vacancies will be featured on the US economic agenda. In addition, the US Federal Reserve will publish its Beige Book to 18:00 GMT. New York Federal Reserve Chairman John Williams is also scheduled to deliver a speech at 1710 GMT.

During Asian business hours on Thursday, New Zealand’s second quarter manufacturing sales data will be considered for further momentum.

Technical levels

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