NZD / USD is posting modest daily gains on Wednesday.
The US Dollar Index continues to move sideways above 93.00.
Private sector employment in the United States increased by 517,000 in March.
The NZD / USD pair extended its rebound and touched a daily high of 0.7005 in the early trading hours of the US session. At time of writing, the pair is trading at 0.6997, up 0.22% on the day.
ADP employment data fails to boost USD
Monthly data released by the Automatic Data Processing Research Institute (ADP) on Wednesday showed that employment in the US private sector increased by 517,000 in March. Although this reading was lower than the market expectation of 550,000, it was still a big improvement over February’s increase of 176,000.
However, the dollar did not show an immediate reaction to this data and the US dollar index (DXY) was last seen posting small daily losses at 92.23.
Later in the day, ISM Chicago Purchasing Managers Index data for pending home sales for March and February will be seen to gain further momentum. Additionally, US President John Biden will unveil the $ 2 trillion infrastructure plan at 20:20 GMT.
Meanwhile, S&P 500 futures are up 0.16% on the day, suggesting that the DXY could struggle to regain its traction if the major Wall Street indices start to rise in the second half of the day.
On Thursday, New Zealand’s only data release will be the Roy Morgan Consumer Confidence Index for March.
Technical levels
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