NZD/USD flirts around 0.7010 amid USD strength


  • NZD/USD prints some gains on Friday.
  • NZD losses demand despite strong GDP data.
  • USD remains resilient after dismal US data.

The NZD/USD pair edges higher in the initial Asian session on Friday. The pair continues with its downside momentum since the beginning of the month, after testing the high near the 0.7320 level.

At the time of writing, NZD/USD trades at 0.7013, up 0.21% for the day.

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, eases from the high of 92.00 level. The US dollar moves in tandem with the US 10-year benchmark yields, which retreats toward 1.50%.

The hawkish Fed stance on inflation and interest rates forecast pushed the USD higher on Wednesday. The Initial Jobless Claims rose to 412K, much higher than the market expectations at 359K. This increase was recorded for the first time in seven weeks. The higher reading makes investors cautious toward the US dollar.

On the other hand, the Kiwi lost its ground as investors flew to safer assets on increased volatility after the Fed surprised the market. On the domestic side, New Zealand’s economy grew much faster than expected in Q1. The Gross Domestic Product (GDP) rose to 1.6% in March as compared to the market consensus at 0.5%.

It is worth noting that S&P 500 Futures are trading at 4,217, up 0.06% for the day.

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

NZD/USD additional levels

NZD/USD

Overview
Today last price 0.7014
Today Daily Change -0.0038
Today Daily Change % -0.54
Today daily open 0.7052
 
Trends
Daily SMA20 0.7202
Daily SMA50 0.7191
Daily SMA100 0.718
Daily SMA200 0.7037
 
Levels
Previous Daily High 0.7156
Previous Daily Low 0.7042
Previous Weekly High 0.7244
Previous Weekly Low 0.7115
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.7086
Daily Fibonacci 61.8% 0.7113
Daily Pivot Point S1 0.7011
Daily Pivot Point S2 0.697
Daily Pivot Point S3 0.6897
Daily Pivot Point R1 0.7124
Daily Pivot Point R2 0.7197
Daily Pivot Point R3 0.7238

 


 

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