NZD/USD remains unaffected by trade balance data as struggles below 0.7000
|- NZD/USD moves cautiously on Monday with positive bias.
- The US Dollar Index slips from the 93.00 mark and trades lower.
- The US Treasury yields remain below the 1.300 level, undermining the demand for the greenback.
NZD/USD kickstarts the fresh trading week on a higher note in the Asian session. The pair seems to struggle to push above the 0.7000 mark for the past four trading sessions.
At the time of writing, NZD/USD is trading at 0.6981, up 0.14% for the day.
Kiwi remained unfazed by the June trade balance data, which narrowed to $261.4 million in June as compared to $472.6 million on yearly basis. The Trade data nearly halved in June as imports outpaced the exports, mainly due to a rise in the purchase of vehicles, parts, and accessories.
Meanwhile, the Bank of New Zealand (BNZ) on Friday revised forecasts for NZD against the US dollar, keeping the greenback on the higher side. The Kiwi performance could be traced back to the global economic recovery, but the narrative took a backseat over the past month due to the high-speed spread of the highly contagious delta variant of COVID-19.
It is worth noting that S&P 500 Futures were trading at 4,399 with 0.91% gains.
The US Dollar Index (DXY), which measures the greenback against a basket of six major rivals, slips below 93.00 with 0.02% losses.
As for now, investors are waiting for the US New Home Sales for June data to gauge the market sentiment.
NZD/USD additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.