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NZD / USD remains near 0.7000 after disappointing US data.

  • The NZD / USD is holding on to strong daily gains early in the US session.
  • The US Dollar Index remains deeply lower near 92.00.
  • The US economy grew at a softer pace than expected in the second quarter.

The pair NZD / USD remains in positive territory early in the US session as the dollar continues to struggle to find demand. At time of writing, the pair was up 0.63% on the day at 0.6991.

DXY tests 92.00 after US data.

The release of disappointing macroeconomic data from the US appears to be weighing on the USD. The US Bureau of Economic Analysis reported Thursday that the US economy expanded 6.5% annually in the second quarter. This reading disappointed market expectations for 8.5% growth.

Additionally, weekly Initial Unemployment Claims reached 400,000, worse than analysts’ estimate of 380,000. Reflecting the continued weakness of the USD, the US Dollar Index (DXY) was down 0.3% on the day at 91.99. Later in the session, pending June home sales will be included on the US economic agenda.

Earlier in the day, New Zealand data showed that the ANZ business confidence index worsened to -38 in July from -0.6 in June, but this reading was largely ignored by market participants. In the Asian session on Friday, the Roy Morgan Consumer Confidence Index will be considered for further momentum.

Technical levels

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