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19 Apr 2021

NZD/USD renews monthly highs near 0.7200 amid persistent USD weakness

  • NZD/USD closed the previous week in the positive territory.
  • US Dollar Index continues to push lower toward 91.00.
  • Wall Street's main indexes look to open lower on Monday.

The NZD/USD pair staged a technical correction on Friday but gained more than 100 pips last week. With the USD selloff remaining intact at the start of the new week, the pair regathered its bullish momentum and touched its highest level in a month at 0.7199. As of writing, NZD/USD was up 0.7% on the day at 0.7190.

USD struggles to find demand

Earlier in the day, the data from New Zealand showed that the Business NZ Performance of Services Index (PSI) improved to 52.4 in March from 49.7 in February, showing that the economic activity in the service sector started to expand.

In the meantime, the US Dollar Index (DXY), which lost 0.6% last week, extended its slide with the 10-year US Treasury bond yield edging lower and touched its worst level since early March at 91.03. At the moment, the DXY is falling 0.53% at 91.13.

There won't be any significant macroeconomic data releases from the US. However, the S&P 500 Futures are down 0.25% on the day, suggesting that US stocks could start the week on the back foot and help the greenback stay resilient against its rivals in the second half of the day.

Technical levels to watch for

 

Apr 19, 2021

GBP/USD: Current run is significant but may end abruptly

GBP/USD has been rising amid an upbeat market mood and falling US yields but US spending and overbought conditions may (temporarily) stop sterling, Yo
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Apr 19, 2021

EUR/GBP: Recovery to be over once below 0.8621 – Credit Suisse

EUR/GBP has completed a bearish “reversal day” to throw a serious question mark over the base with a break below 0.8626/21 needed to confirm the risk
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