Market news

13 October 2021

NZD/USD hit five days high near 0.6970 as USD falls

  • NZD/USD snaps two days’ losses on Thursday in the early Asian session.
  • US Dollar Index falls below the one-year high near 94.50 to trade negatively.
  • Kiwi gains amid mixed play of  COVID-19, risk-on sentiment, and inflationary pressures.

NZD/USD prints daily gain on Thursday in the Asian session. The selling pressure in the US dollar pushes NZD/USD higher. After testing the lows near 0.6911, the pair jumbled nearly 60-pips in the US session to give the highest closing in the past five-session.  At the time of writing, NZD/USD is trading at 0.6960, up 0.10% for the day,

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, trades at 94.00, down 0.54% as investors digest the recent inflation readings and FOMC minutes. The US Core Price Index (CPI) jumped 5.4% in September from 5.3% in August whereas the FOMC minutes showed that the Fed is close to starting tapering, possibly in mid-November.

Furthermore, the risk-on sentiment helped the kiwi to gain momentum. It is worth noting that, S&P 500 Futures is trading at 4,358, up 0.08%. The disappointing economic data restricted the gains for the NZD. The ANZ Business Outlook Index in New Zealand fell -8.6 in October.

On the pandemic side, new 55 cases are recorded and Northland and Waikato will remain in alert level 3 for another five days.

As for now, all eyes are on the US Initial Jobless Claims to take fresh trading impetus.

NZD/USD additional levels

 

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