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23 Jun 2021

NZD/USD extends correction, rises toward 0.7050

  • NZD/USD is pushing higher for the third straight day.
  • US Dollar Index struggles to stage a convincing rebound.
  • Eyes on IHS Markit's preliminary PMI reports for US.

Following Monday's decisive recovery, the NZD/USD pair preserved its bullish momentum on Tuesday and gained 35 pips. On Wednesday, the pair continues to edge higher and was last seen gaining 0.23% on the day at 0.7038.

USD fails to capitalize on Powell's testimony

The broad-based selling pressure surrounding the USD and the upbeat market mood on Tuesday helped NZD/USD close in the positive territory. Although FOMC Chairman Jerome Powell refrained from delivering any comments on the policy outlook, he adopted a less-concerned tone with regards to inflation and made it difficult for the greenback to find demand. Moreover, major equity indexes in the US managed to post daily gains, putting additional weight on the US Dollar Index (DXY).

Later in the day, the IHS Markit will publish the preliminary June Manufacturing and Services PMI reports. Investors expect the data to show an ongoing expansion in both sectors but investors will pay close attention to developments on price pressures. The US Census Bureau will release the New Home Sales figures for May as well. Ahead of these data, the DXY is staying flat on the day around 91.70.

There won't be any high-tier data releases from New Zealand and the USD's market valuation is likely to remain the primary driver of NZD/USD's movements. Meanwhile, Wall Street's main indexes remain on track to start the day little changed.

Technical levels to watch for

 

Jun 23, 2021

EUR/USD looks to extend the rebound beyond 1.1950

The single currency trades in an inconclusive manner and motivates EUR/USD to gyrate without clear direction around the 1.1950 area on Wednesday. EUR/
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Jun 23, 2021

EUR/JPY Price Analysis: Recovery now targets 133.00 and above

EUR/JPY adds to the weekly bounce and retakes the 132.00 yardstick and well above on Wednesday. The recovery looks healthy and now looks to re-test th
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