NZD/USD rebounds modestly toward 0.7200 ahead of key US data


  • NZD/USD edges higher ahead of the American session.
  • US Dollar Index holds above 90.00 on Thursday.
  • Focus shifts to CPI and Jobless Claims data from US. 

The NZD/USD pair closed the previous two trading days in the negative territory and dropped to a fresh six-day low of 0.7165 on Thursday. With the greenback struggling to preserve its strength during the European trading hours, the pair staged a modest rebound and was last seen gaining 0.08% on the day at 0.7185. 

Eyes on US inflation report

In the absence of significant fundamental drivers, the positive shift witnessed in market sentiment seems to be making it difficult for the USD to find demand. The US Dollar Index, which advanced to a daily high of 90.28, is currently flat on the day at 90.16. 

Later in the session, the US Bureau of Labor Statistics will release May Consumer Price Index (CPI) data.

Previewing the inflation report, "strength in travel items, most notably used vehicles, airfares and lodging, likely led to another strong rise in core prices, albeit not quite as strong as in April. We advise against extrapolating, but the data will keep alive the "transitory" debate," said TD Securities analysts. "The boost from base effects will peak with this report; we forecast 4.8%/3.6% YoY for total/core prices, up from 4.2%/3.0%."

US CPI Preview: Forecasts from eight major banks for critical May inflation.

The US Department of Labor's weekly Initial Jobless Claims data will be featured in the US economic docket as well.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.7189
Today Daily Change 0.0009
Today Daily Change % 0.13
Today daily open 0.718
 
Trends
Daily SMA20 0.7222
Daily SMA50 0.7181
Daily SMA100 0.7183
Daily SMA200 0.7026
 
Levels
Previous Daily High 0.7215
Previous Daily Low 0.7166
Previous Weekly High 0.7289
Previous Weekly Low 0.7126
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.7185
Daily Fibonacci 61.8% 0.7196
Daily Pivot Point S1 0.7159
Daily Pivot Point S2 0.7138
Daily Pivot Point S3 0.711
Daily Pivot Point R1 0.7208
Daily Pivot Point R2 0.7236
Daily Pivot Point R3 0.7257

 

 

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.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD looks depressed below 1.2200 ahead of ECB, US inflation

EUR/USD remains on the back foot below 1.2200 ahead of a busy docket. The US dollar shrugs off weaker Treasury yields. The ECB eyed for economic outlook. The US CPI needs stronger-than-forecast print to keep the dollar afloat.

EUR/USD News

GBP/USD remains poised to drop below 1.4100, US CPI eyed

GBP/USD treads water above 1.4100 ahead of the London open. The US dollar remains steady and exerts pressure on the pair. Brexit concerns, Delta strain added to the British pound struggle. US inflation awaited.

GBP/USD News

XAU/USD off lows, not out of the woods yet ahead of US inflation

Gold price is attempting a minor bounce, having witnessed a steep drop following a break below the critical 21-DMA support at 1883. At the time of writing, gold price is trading 0.50% lower at $1880, looking to recapture the 21-DMA.

Gold News

Three reasons why Shiba Inu price may be ready to rally

Shiba Inu price decline has not been matched by increasing volume, suggesting it is not token specific. ShibaSwap decentralized cryptocurrency exchange (DEX) in testing mode, to be released to the public soon. Social volume stabilizes during another period of price weakness. 

Read more

US CPI May Preview: Inflation angst is coming

When the Federal Reserve moved its price measurement to inflation averaging last September the governors were carefully insulating rate policy from this year’s expected acceleration in consumer costs. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures