NZD/USD: On the defensive despite uptick in NZ business PMI


  • New Zealand’s business PMI ticked higher in April but missed estimates.
  • NZD/USD was rejected at key descending trendline on Thursday, courtesy of trade tensions and upbeat US data.

Expansion in New Zealand’s manufacturing sector picked up pace in April, the data released earlier today showed.

The Bank of New Zealand’s-Business New Zealand’s seasonally adjusted performance of manufacturing index rose to 53.00 from the upwardly revised March reading of 52.00.

So far, however, that has failed to put a bid under the NZD/USD pair, possibly because the markets were expecting a bounce to 54.5.

The heightened trade tensions following the US’ decision to block China’s Huawei from accessing the US markets and suppliers may be adding to bearish pressures around the NZD.

The Kiwi is currently trading in the red at 0.6532, having faced rejection at the trendline connecting March 26 and April 17 highs on Thursday.

The greenback found bids in the America session after the Philadelphia Fed Manufacturing index or May rose to a four-month high of 16.6 from April’s reading of 8.5.

Pivot points

    1. R3 0.6621
    2. R2 0.6603
    3. R1 0.6569
  1. PP 0.6551
    1. S1 0.6517
    2. S2 0.6499
    3. S3 0.6465

 

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.

Feed news

Latest Forex News

Editors’ Picks

Dollar ticks higher as most Fed officials see cuts as a mid-cycle adjustment

The Minutes of the latest Federal Reserve meeting are out, giving the greenback a modest lift against most major rivals. Policymakers concerned about the efficacy of QE. EUR/USD trading below 1.1100.

EUR/USD News

GBP/USD: Struggles between 10/21-DMA amid bullish MACD

Despite reversing from the 21-day simple moving average (DMA), GBP/USD remains above 10-DMA as it trades near 1.2134 during Asian session on Thursday. Supporting the pair’s upside is a bullish signal by 12-bar MACD.

GBP/USD News

USD/JPY weaker near 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker near the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 

USD/JPY News

Gold: Trapped in a symmetrical triangle

Gold is trapped in a narrowing price or a symmetrical triangle pattern, according to the 4-hour chart. The yellow metal rose to a six-year high of $1,353 per Oz on Aug. 13 and has charted lower highs and higher lows ever since.

Gold News

The Fed Minutes are Out, but Does It Matter?

The FOMC July 31st Minutes were released earlier today and the collective market seems to think the minutes are less dovish than expected! Gold was volatile right before the release.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •