- NZD/USD remains positive for the fourth consecutive day following its U-turn on Friday.
- New Zealand’s Electronic Card Retail Sales flash disappointing numbers, risk-tone resets amid the fresh coronavirus update.
- Virus headlines, US economic docket will be the key.
While paying a little heed to New Zealand Electronic Card Retail Sales, NZD/USD remains 0.05% positive around 0.6015 amid the early Asian session on Thursday. Not only downbeat data from home, but the kiwi pair also ignored the recent shift in the trading sentiment amid disturbing coronavirus (COVID-19) figures from the US.
New Zealand’s March month Electronic Card Retail Sales dropped 3.9% MoM and 1.8% YoY versus +0.3% and +5.3% respective forecasts.
Also on the negative side were the latest virus updates from the US. The US has recorded nearly 420,000 coronavirus cases and more than 14,300 deaths, as per Reuters. With this, the world’s largest economy stands in the second place, just after Italy, as far as the pandemic death toll is concerned.
On the contrary, US President Donald Trump reiterates his wish to reopen the economy in a phased manner, starting his hotels first, while also praising the Trump administration’s efforts.
That said, the market’s risk-tone recently stepped back from the previous day’s positive run with the US stock futures marking near 0.20% loss by the press time.
Although the virus updates remain as the key catalysts, today’s US economic calendar is also important due to the weekly Jobless Claims that have repeatedly surprised markets off-late.
Technical analysis
March 27 high near 0.6070 is on the bulls’ radar unless the quote slips below 0.5920 figures comprising 21-day SMA.
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.
Recommended content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.