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14 Oct 2020

NZD/USD climbs to fresh three-week highs, closes in on 0.6700

  • NZD/USD pair gained traction in the early American session.
  • US Dollar Index slumps to 93.30 area on Wednesday.
  • Wall Street's main indexes post modest daily gains.

After fluctuating in a tight range near 0.6650 during the first half of the day, the NZD/USD pair gained traction in the American trading hours and climbed to its highest level since September 23rd at 0.6682. As of writing, the pair was up 0.47% on a daily basis at 0.6679.

DXY edges lower on Wednesday

The renewed USD weakness in the last hours helped NZD/USD pair gather bullish momentum. The US Dollar Index (DXY), which stayed quiet near 93.50 during the European session, turned south and dropped to a daily low of 93.25. At the moment, the DXY is down 0.25% at 93.30.

In the absence of significant macroeconomic data releases, the market sentiment seems to be impacting the USD's market valuation. According to several news outlets, US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to continue stimulus negotiations later in the day and this development seems to be making it difficult for the USD to find demand. 

Meanwhile, Wall Street's main indexes are clinging to modest daily gains, suggesting that investors are not yet fleeing to safe havens yet. 

During the Asian session on Thursday, a sharp reaction to the Australia labour market report in AUD/USD could impact positively-correlated NZD/USD's movements.

Technical levels to watch for

 

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