NZD/USD consolidates below 0.7250 amid firmer US dollar, mixed Chinese data


  • NZD/USD is trading decisively below the session’s high in the Asian session.
  • USD gains strength on geopolitical and market risk concerns.
  • Mixed Chinese economic data also weigh on the pair.

The NZD/USD pair maintains a subdued tone and trades on a lower note in the Asian session. Having opened higher, the pair failed to hold onto the positive trajectory and touched the intraday low at 0.7215.

At the time of writing, the NZD/USD pair is trading at 0.7223, down 0.39% on the day.

The mixed Chinese economic data took a toll on the Kiwi, being China's biggest trading partner. The slowdown in the Chinese economy indirectly affects the NZD sentiment. China’s Retail Sales rose to 17.1% in April YoY below the previous 34.2% jump and much below the market expectations of 24.9% growth. Industrial Production jumped to 9.8% matching the market expectations. The mixed data weighed on the sentiments surrounding the Kiwi and pushed the pair lower.

Meanwhile, on the domestic front, the Business NZ performance of Service Index rose to 61.2 in April as compared to 52.9 in the previous month. Overseas visitor arrivals in New Zealand fell 97.4% YoY.

On the other hand, the US dollar index rose modestly and stands around 90.38 with 0.03% gains. The downbeat US Retail Sales data released on Friday failed to encourage the market, while the University of Michigan’s Consumer Sentiment fell below forecasts due to rising inflation. Against this backdrop, the escalating tension in the Middle East aided the attractiveness of the greenback on its safe haven appeal.

In the latest development, US Secretary of State Antony Blinken discussed the concerns in Israel, the West Bank, and GAZA with Qatari, Egyptian, and Saudi foreign ministers on Sunday, as per Reuters.

As for now the dynamics around the US dollar continues to influence the pair’s performance for the time being. 

NZD/USD Additional Levels

NZD/USD

Overview
Today last price 0.7222
Today Daily Change -0.0029
Today Daily Change % -0.40
Today daily open 0.7251
 
Trends
Daily SMA20 0.7213
Daily SMA50 0.7139
Daily SMA100 0.7172
Daily SMA200 0.6971
 
Levels
Previous Daily High 0.7262
Previous Daily Low 0.7167
Previous Weekly High 0.7306
Previous Weekly Low 0.7134
Previous Monthly High 0.7287
Previous Monthly Low 0.6945
Daily Fibonacci 38.2% 0.7226
Daily Fibonacci 61.8% 0.7204
Daily Pivot Point S1 0.7191
Daily Pivot Point S2 0.7132
Daily Pivot Point S3 0.7097
Daily Pivot Point R1 0.7286
Daily Pivot Point R2 0.7322
Daily Pivot Point R3 0.7381

 


 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD trades around 1.1910 as the dollar corrects

The EUR/USD pair recovered to the current 1.1910 price zone in a quiet start to the week. Dollar remains the strongest, correcting extreme overbought conditions.ECB’s Lagarde said tightening would be “premature.”

EUR/USD News

GBP/USD advances beyond 1.3900

GBP/USD is trading above1.390, extending the corrective pullback. Speculative interest already digested Brexit tensions and the UK’s delayed economic reopening. All eyes on the BOE scheduled for later this week.

GBP/USD News

XAU/USD eases from tops, trades with modest gains around $1,775 area

Gold maintained its bid tone through the early North American session, albeit has retreated around $10 from the intraday swing highs near the $1,785 region.

Gold News

XRP price awaits 20% drop as Ripple breaks below critical level of support

XRP price has formed a bearish outlook after breaking below the neckline of the head-and-shoulders pattern that has started to develop since late May. Ripple has failed to escape above the vital level of resistance at $0.79 and is now headed further south.

Read more

Wall Street Week Ahead: Bullard tries to wake the bears but bulls stumble on

Now that the big Fed meeting is out of the way markets can relax for the summer months ahead. The Fed was in accommodative mood in terms of sentiment if not policy. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures