NZD/USD climbs to fresh session highs above 0.6570 in quiet day
- NZD/USD staged a rebound after falling in Asian session.
- US Dollar Index stays in the negative territory below 96.00.
- Wall Street's main indexes look to open modestly lower.
The NZD/USD pair started the new week under modest pressure and fell to 0.6540 during the Asian session. However, the pair didn't have a difficult time gaining traction as the greenback struggles to attract investors. As of writing, NZD/USD was trading at 0.6566, a little below the daily high it set at 0.6571 in the last hour, rising 0.15% on a daily basis.
USD starts the new week on the back foot
Improving market sentiment during the European trading hours seems to be hurting the safe-haven USD on Monday. With European leaders voicing their optimism for an agreement on the budget and recovery fund deal, major European equity indexes are trading in the positive territory.
The US Dollar Index, which closed the previous four weeks in the negative territory, was last down 0.17% on the day at 95.85. In the meantime, S&P 500 futures are registering small daily losses on Monday, suggesting that Wall Street could start the day in the red.
There won't be any significant macroeconomic data releases in the remainder of the day and the USD's reaction to market sentiment could remain as the primary driver of NZD/USD's movements. The only data from New Zealand on Tuesday will be Credit Card Spending for June.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
