NZD/USD retraces Tuesday's rebound, steadies below 0.65

  • US Dollar Index rebounds toward 98.50 following Tuesday's drop. 
  • GDT auction yields a 2% increase in GDT Price Index.
  • Focus remains on FOMC meeting and monetary policy announcements.

The NZD/USD pair took advantage of the broad-based USD weakness and New Zealand's upbeat Global Dairy Trade (GDT) auction, which yielded a 2% increase in the GDT Price Index following the 0.4% decline in the previous auction, and snapped its five-day losing streak to end the day with a modest 20-pip gain.

With the trading action turning subdued ahead of the Federal Reserve's critical monetary policy announcements, the pair is having a difficult time preserving its bullish momentum. As of writing, it was down 0.35% on the day at 0.6335.

Meanwhile, concerns over a military conflict in the Middle East following the attacks on Saudi oil facilities don't allow the market sentiment to recover and weigh on risk-sensitive currencies such as the NZD.

Attention shifts to FOMC

Later in the day, Building Permits and Housing Starts data from the US will be released but are likely to be ignored by the market participants as they are likely to refrain from making any large bets while waiting for the outcome of this week's Federal Open Market Committee (FOMC) meeting.

Previewing this crucial market event, “We expect the Fed to cut its key policy rates by 25 bps at this week’s FOMC meeting – which would be the second consecutive rate cut in the current easing cycle – taking the Fed Funds corridor to 1.75-2.00% with an Interest On Excess Reserves (IOER) rate of 1.85%. Two hawks will likely dissent...again,” said Nordea Markets analysts.

FOMC Preview: What 13 major banks are expecting from September meeting?

Technical levels to consider


Today last price 0.6333
Today Daily Change -0.0026
Today Daily Change % -0.41
Today daily open 0.6359
Daily SMA20 0.6372
Daily SMA50 0.65
Daily SMA100 0.6545
Daily SMA200 0.6666
Previous Daily High 0.6362
Previous Daily Low 0.6321
Previous Weekly High 0.6452
Previous Weekly Low 0.6372
Previous Monthly High 0.659
Previous Monthly Low 0.6283
Daily Fibonacci 38.2% 0.6346
Daily Fibonacci 61.8% 0.6337
Daily Pivot Point S1 0.6333
Daily Pivot Point S2 0.6306
Daily Pivot Point S3 0.6292
Daily Pivot Point R1 0.6374
Daily Pivot Point R2 0.6388
Daily Pivot Point R3 0.6415



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 consolidating as markets digest the new US-Sino trade truce

EUR/UDS is trading around 1.1030, little changed. Markets are digesting the US-Sino handshake deal that prevents new US tariffs that were planned for Tuesday. Euro-zone industrial output is due out.


GBP/USD slips below 1.26 as Brexit talks drag

GBP/USD has kicked off the new week with a drop below 1.26 as Brexit optimism fades. Intense weekend talks have failed to result in an accord. Negotiations continue ahead of the EU Summit. 


USD/JPY consolidating bull rally into 108 handle on US/Sino trade deal optimism

USD/JPY starts out the week flat to Friday's close after markets rallied at the end of the week. Bullish geopolitical undertones in the form of a US/Sino 'phase 1' trade deal help lift USD/JPY onto the 108 handle.


Gold sellers cheer US-China trade optimism against all odds

With the US and China near to end the two-year-old trade tussle, Gold bears give little importance to doubts over soft Brexit and tension surrounding Syria while flashing $1,484.70 as a quote during Monday’s Asian session.

Gold News

Forex Today: Markets skeptical about US-Sino trade truce and sterling suffers a hangover as talks continue

Markets are cautious regarding the US-Sino partial trade deal. The world's largest economy agreed on a "hand-shake" agreement which is yet to be written. It includes a Chinese commitment to buy agrifoods.

Read more