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18 May 2021

NZD/USD advances to 0.7250 area ahead of mid-tier US data

  • NZD/USD turned north after closing in the negative territory on Monday.
  • US Dollar Index stays below 90.00 on Tuesday.
  • Wall Street's main indexes look to open higher.

The NZD/USD pair posted modest losses on Monday but managed to reverse its direction on Tuesday. As of writing, the pair was up 0.78% on a daily basis at 0.7255.

USD selloff picks up steam

The improving market sentiment is helping the kiwi find demand. Reflecting the upbeat market mood, major European equity indexes are up between 0.3% and 0.4% on the day while the S&P 500 Futures and the Nasdaq Futures gain 0.3% and 0.7%, respectively.

On the other hand, the greenback remains on the back foot with the US Dollar Index trading at its lowest level since late February at 89.85, losing 0.4% on the day.

Later in the day, April Building Permits and Housing Starts data will be featured in the US economic docket. Additionally, the bi-weekly GDT Price Index from New Zealand will be looked upon for fresh impetus during the American trading hours. 

On Wednesday, the Producer Price Index (PPI) data for the first quarter will be released from New Zealand as well. Nevertheless, investors are unlikely to react to this data and the risk perception could continue to drive the pair's movements before the FOMC releases the minutes of the April policy meeting. 

Technical levels to watch for

 

May 18, 2021

USD/CAD: Scope to nosedive towards the 1.1424/1318 area – Credit Suisse

The USD is weakening sharply across the board, with USD7CAD testing below key long-term support at 1.2062/47. According to economists at Credit Suisse
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May 18, 2021

EUR/USD to hit the 1.25 mark by September – Deutsche Bank

We are past the peak of repricing US exceptionalism, global growth should broaden and the vaccine and growth laggards should bounce back. This should
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