- Business NZ PMI improves slightly in June, misses expectations.
- US Dollar Index continues to move sideways near the 97 handle.
- Coming up: Producer Price Index data from the U.S.
The NZD/USD pair inched higher toward the 0.67 handle earlier in the day but, once again, lost its momentum before testing that level. As of writing, the pair was trading at 0.6670, adding 0.15% on a daily basis.
The pair seems to be taking advantage of the selling pressure surrounding the greenback. Despite a modest recovery attempt following yesterday's inflation report, the US Dollar Index is having a difficult time gaining traction. Ahead of the Producer Price Index data to be released in the early trading hours of the American session, the DXY is posting small losses at 97.
Earlier today, the data published by the Business NZ showed that the business activity in June expanded at a more robust pace than expected with the headline PMI improving to 51.3 from 50.2. However, this reading fell short of the market expectation of 53.1 but didn't have a negative impact on the kiwi.
Meanwhile, the data from China revealed that the trade surplus in June widened to $50.98 billion to beat the analysts' estimate of $44.65 billion and helped antipodeans gather strength against its rivals.
Technical levels to watch for
|Today last price||0.6668|
|Today Daily Change||0.0007|
|Today Daily Change %||0.11|
|Today daily open||0.6661|
|Previous Daily High||0.669|
|Previous Daily Low||0.6635|
|Previous Weekly High||0.6728|
|Previous Weekly Low||0.6602|
|Previous Monthly High||0.6722|
|Previous Monthly Low||0.6487|
|Daily Fibonacci 38.2%||0.6669|
|Daily Fibonacci 61.8%||0.6656|
|Daily Pivot Point S1||0.6634|
|Daily Pivot Point S2||0.6607|
|Daily Pivot Point S3||0.6579|
|Daily Pivot Point R1||0.6689|
|Daily Pivot Point R2||0.6717|
|Daily Pivot Point R3||0.6744|
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