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7 Sep 2020

NZD/USD struggles to hold above 0.6700 in quiet day

  • NZD/USD started the new week on the back foot.
  • US Dollar Index stays resilient around 93.00 on Monday.
  • Choppy action is likely to continue amid Labor Day holiday in US.

The NZD/USD pair closed the previous week virtually unchanged at 0.6720 and started the new week on a weak note. As of writing, the pair was down 0.28% on a daily basis at 0.6700.

USD stays strong following Friday's jobs report

The USD's firm tone on Monday seems to be forcing NZD/USD to stay bearish. The US Dollar Index, which closed the last four trading days in the positive territory, posts modest daily gains above 93.00. The positive impact of last Friday's upbeat jobs report from the US on the greenback continues to be felt in the markets.

The US Bureau of Labor Statistics reported that Nonfarm Payrolls (NFP) increased by 1.37 million in august and the Unemployment Rate declined to 8.4%.

Commenting on the data, "in ordinary times, a 1.37 million gain in payrolls would be considered substantial but, of course, these are no ordinary times," said Wells Fargo analysts. "Payrolls remain 11.5 million below their February level, with still under half of the jobs lost recovered. An increasing share of the jobs lost since the start of the pandemic has become permanent.”

The US markets will be closed due to the Labor Day holiday on Monday and the choppy market action is likely to continue in the remainder of the day. There won't be any macroeconomic data releases from New Zealand on Tuesday either.

Technical levels to watch for

 

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