NZD/USD re-takes 0.7000 on NZ FinMin comments, weaker DXY

NZ FinMIn Robertson’s comments support.
DXY on the defensive.
The US industrial figures on tap.

Dhwani Mehta FXStreet

The NZD/USD pair stalled its overnight retreat and caught a fresh bid-wave in early Asia, now looking to regain 0.70 handle amid resurgent USD supply across the board.

NZD/USD: 100-DMA of 0.7053 back on sight?

The spot resumed its ongoing bullish momentum, reversing a temporary drop seen yesterday, as the bulls are back in control, following the comments from New Zealand’s Finance Minister Robertson on the exchange rate level.

NZ FinMin Robertson: "Comfortable" with trend in NZ dollar

Additionally, the Kiwi also benefited from the renewed selling pressure seen around the US dollar across its main competitors, in the wake of looming uncertainty over a bill to change the US tax code.

Further, upbeat NZ manufacturing PMI data, which arrived at 57.7 in Nov versus 57.2 last, also provided the fresh impetus to the NZD bulls.

On Thursday, the pair corrected from 2-month tops on the back of bearish NZ Treasury’s economic and fiscal report. The NZ Treasury made downward revisions to the NZ growth forecasts for the next two years, when compared to the PREFU forecasts. Meanwhile, markets ignored slightly upbeat Chinese data dump.

China Nov data dump: Industrial production a beat, Retail sales meet estimates

Looking ahead, focus now shifts towards a fresh batch of the US macro news due on the cards tonight, with the industrial production data likely to have a significant impact on the USD moves, eventually impacting the major.

NZD/USD Levels to consider

The spot trades near 0.7000 (psychological levels), below which 0.6970 (5-DMA) and 0.6934 (Dec 13 low) are key near-term downside areas. To the topside, a break above 0.7027 (2-month tops) could open doors towards 0.7057 (100-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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