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31 Dec 2019

NZD/USD consolidates gains near 0.6730 as markets turn quiet on New Year's Eve

  • Mixed PMI data from China keeps NZD's gains in check.
  • US Dollar Index slumps to multi-month lows on Tuesday.
  • CB Consumer Confidence from US will be last data of 2019.

The NZD/USD pair extended its rally and rose to its highest level in more than five months at 0.6738 on Tuesday. However, with the market activity turning subdued on New Year's Eve, the pair is struggling to push higher. As of writing, the pair was up 0.12% on the day at 0.6733.

Best month of 2019 for NZD/USD

On a monthly basis, the pair is up around 300 pips in December and remains on track to register its largest monthly percentage gain of 2019 supported by easing worries over a protracted US-China trade conflict and signs of economic recovery picking up steam in China.  

Earlier in the day, the data from China showed that the economic activity in the manufacturing sector continued to expand at a soft pace with the NBS Manufacturing PMI coming in at 50.2 to match November's reading. On the other hand, the Non-Manufacturing PMI fell to 53.5 from 54.4 to limit the China proxy NZD's upside.

On the other hand, the broad-based USD weakness seems to be allowing the pair to float in the positive territory. Before the Conference Board releases the last Consumer Confidence Index of the year, the US Dollar Index is erasing 0.2% on the day at 95.56.

Technical levels to watch for

 

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