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14 May 2021

NZD/USD rises further to the 0.7250 area, still negative for the week

  • Kiwi among top performers on Friday on risk appetite.
  • NZD/USD trims weekly losses, holds above the weekly 20-SMA.

The NZD/USD rose further after the beginning of the American session and reached at 0.7251, a fresh two-day high. The pair remains supported by risk appetite and a weaker US Dollar on Friday.

US data fails to lift the greenback

The US dollar is falling across the board. The DXY drops 0.40% and trades below 90.40. Lower US yields weighed on the greenback. The 10-year yield bottomed at 1.62% before rebounding modestly to 1.64%.

Economic data in the US surprised to the downside. Retail sales stagnated in April while Consumer Confidence dropped in May unexpectedly, according to preliminary data from the University of Michigan. Following the numbers, the dollar dropped further, except versus the yen.

The Dow Jones is up by 0.83% and the Nasdaq soars 1.83%. The risk appetite is boosting the kiwi that is among the top performers on Friday.

On a weekly basis, NZD/USD is still in negative, but back above the 20 simple moving average and far from the low and closer to the weekly top. The 0.7300 area is the barrier to break for the pair to open the doors to more gains.

Technical levels

 

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