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

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD: reports suggest UK PM May could resign tonight

GBP/USD is bouncing from its daily low of 1.1623, following news indicating that the UK Prime Minister would resign before the day is over, following an early cabinet coup and multiple backs and forth around it.

GBP/USD News

USD/JPY hits fresh lows after FOMC minutes

The USD/JPY pair rose to 110.31 after the release of the FOMC minutes but then turned to the downside and dropped to 110.23, hitting a fresh daily low. 

USD/JPY News

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Majors

Cryptocurrencies

Signatures