- Attention remains on United States (US)-China trade negotiations.
- US Dollar Index extends losses below the 98.50 mark on Friday.
- Coming up: Consumer Confidence data from the US.
After closing above the 0.63 handle on Thursday, the NZD/USD pair extended its rally and touched its highest level since September 25th at 0.6345. As of writing, the pair was up 0.35% on the day at 06340.
Although the data from New Zealand (NZ) showed that the Business NZ Purchasing Managers' Index (PMI) stayed unchanged at 48.4 in September to fall short of the market expectation 49, the Kiwi preserved its strength boosted by the heightened hopes of the United States (US) and China reaching a trade deal.
Latest headlines surrounding the trade negotiations suggest that China is open to making a partial trade deal with the US that includes terms on Yuan valuation in exchange for delaying US tariffs on Chinese goods. President Trump is scheduled to meet China's Vice Premier Lie He at 18:45 GMT.
USD remains on the back foot
Meanwhile, the upbeat market mood continues to weigh on the Greenback and helps the pair cling to its gains. Ahead of the University of Michigan's Consumer Confidence (preliminary) and Eric Rosengren's, president and CEO of the Federal Reserve Bank of Boston, speech, the US Dollar Index is down 0.26% on the day at 98.44.
Technical levels to watch for
|Today last price||0.634|
|Today Daily Change||0.0020|
|Today Daily Change %||0.32|
|Today daily open||0.632|
|Previous Daily High||0.6336|
|Previous Daily Low||0.6276|
|Previous Weekly High||0.6338|
|Previous Weekly Low||0.6204|
|Previous Monthly High||0.6452|
|Previous Monthly Low||0.6249|
|Daily Fibonacci 38.2%||0.6313|
|Daily Fibonacci 61.8%||0.6299|
|Daily Pivot Point S1||0.6285|
|Daily Pivot Point S2||0.6251|
|Daily Pivot Point S3||0.6225|
|Daily Pivot Point R1||0.6345|
|Daily Pivot Point R2||0.6371|
|Daily Pivot Point R3||0.6405|
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.