NZD/USD erases daily gains, sits comfortably above 0.70

Eren Sengezer FXStreet

After reaching its fresh two-month high at 0.7090 before the NA session went underway, the NZD/USD pair started to retrace its earnings as traders cashed in their profits. As of writing, the pair was trading at 0.7050, down 0.12% on the day.

The pair's upsurge struggled to become sustainable as the move was not supported by a data. Furthermore, the fact that the trading volume diminished in the NA session due to the Memorial Day holiday may have made it difficult for the traders to hold on to their positions ahead of tomorrow's important macro data.

On Tuesday, the Federal Reserve's favorite inflation gauge, the core Personal Consumption Expenditures (PCE) index, will be released. The data came in at 1.6% in March on a yearly basis and if April's reading reveals that it approaches Fed's 2% target rate, the odds of a June rate hike could increase, allowing the greenback gather strength against its rivals and weighing on the NZD/USD pair. At the moment, the US Dollar Index reflects the low trading volume as it stays flat at last week's closing level at 97.33.

Technical levels to consider

A daily close above 0.7060/70 area (Fib. 61.8% retracement of Jan - Feb rise/200-DMA) could open the door towards 0.7100 (psychological level) and 0.7145 (Mar. 2 high). To the downside, supports could be seen at 0.7025 (100-DMA), 0.6950 (50-DMA) and 0.6900 (psychological level).

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.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.