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7 Sep 2020

NZD/USD remains on track to close in red below 0.6700

  • NZD/USD is registering modest daily losses on Monday.
  • US Dollar Index looks to post gains for the fifth straight day.
  • US Pres. Trump said US will prohibit federal contracts to companies that outsource to China.

After spending the first part of the day in a tight range above 0.6700, the NZD/USD pair edged lower during the American session and touched a daily low of 0.6690. As of writing, the pair was trading at 0.6693, losing 0.4% on a daily basis.

DXY holds on to modest gains above 93.00

In the absence of significant macroeconomic data releases, the USD's market valuation continued to impact NZD/USD's movements.

Last week, upbeat macroeconomic data releases from the US provided a boost to the US Treasury bond yields and helped the greenback outperform its rivals. The US Dollar Index (DXY) gained 0.73% for the week and pushed higher on Monday despite the Labor Day holiday in the US. At the moment, the DXY is up 0.1% on the day at 93.07 and remains on track to close the fifth straight day in the positive territory.

Meanwhile, US President Donald Trump noted on Monday that there was a possibility of decoupling the US economy from China and said that they will prohibit federal contracts to companies that outsource to China. These comments could re-escalate the geopolitical tensions between the US and China and further weigh on the China-proxy NZD if Asian stock markets reflect a risk-off market environment.

On Tuesday, the US economic docket will feature the NFIB Business Optimism Index, the IBD/TIPP Economic Optimism Index and Consumer Credit Change.

Technical levels to watch

 

Sep 7, 2020

USD/CHF Price Analysis: The pair turns bullish after wedge breakout and retest

USD/CHF has been pushing higher once again and there has been a bullish confirmation after the falling wedge pattern had a break and retest. Since the
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Sep 7, 2020

AUD/JPY Price Analysis: The pair bounces off the 77.00 support level as a bullish technical formation appears

The Australian dollar has suffered recently against some of its counterparts most notably the US dollar and the Japanese yen. Against the Japanese yen
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