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26 Jul 2019

NZD/USD slides below mid-0.6600s, over 2-week lows ahead of US GDP

  • The ongoing USD bullish run to multi-week tops continue exerting bearish pressure.
  • Dovish RBNZ comments earlier this week further added to the weaker sentiment.
  • The focus now shifts to the advance US GDP report for the second quarter of 2019.

The NZD/USD pair maintained its offered tone through the mid-European session and slipped to over two-week lows, below mid-0.6600s in the last hour.

The recent US Dollar bullish run remained uninterrupted on the last day of the week amid diminishing odds of a 50 bps rate cut by the Fed and has been one of the key factors behind the pair's ongoing retracement slide from three-month tops set last Friday.

The greenback was further supported by growing optimism over a possible resolution of the prolonged US-China trade disputes, especially after top US negotiators were confirmed to meet their Chinese counterparts and resume in-person talks on July 30-August 1.

Adding to this, the Reserve Bank of New Zealand (RBNZ)'s comments earlier this week, saying that it had done contingency planning for unconventional monetary stimulus further collaborated to the weaker sentiment surrounding the Kiwi.

It would now be interesting to see if the pair is able to find any support at lower levels or continues with its bearish trajectory as market participants now start repositioning for Friday's important release of the US Q2 GDP growth figures.

Consensus estimates point to a significant deceleration in growth to 1.8% annualized pace as against the previous quarter's final reading of 3.1%, though any positive surprise will be enough to boost the USD and continue exerting pressure on the major.

Technical levels to watch

 

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