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3 Aug 2021

NZD/USD clings to strong daily gains above 0.7000 ahead of mid-tier US data

  • NZD/USD regained its traction after closing in the red on Monday.
  • US Dollar Index stays below 92.00 on Tuesday.
  • Second-quarter jobs report from New Zealand will be looked upon for fresh impetus.

The NZD/USD pair registered small losses on Monday but managed to gather bullish momentum during the Asian session on Tuesday and climbed to a daily high of 0.7019. As of writing, the pair was up 0.6% on the day at 0.7010.

Market mood remains upbeat on Tuesday

Earlier in the day, the sharp upsurge witnessed in the AUD/USD pair following the Reserve Bank of Australia's policy announcements helped the positively-correlated NZD/USD edge higher. Furthermore, the renewed USD weakness seems to be allowing the pair to preserve its momentum ahead of the American session. Currently, the US Dollar Index is down 0.16% on the day at 91.92.

Later in the session, the ISM-NY Business Conditions Index, the IBD/TIPP Economic Optimism Index and June Factory Orders data will be featured in the US economic docket.

Meanwhile, Wall Street's main indexes remain on track to open the second straight day in the positive territory, suggesting that the greenback could continue to have a difficult time finding demand if risk flows remain in control of financial markets.

On Wednesday, Statistics New Zealand will release the second-quarter jobs report. The Unemployment Rate is expected to decline to 4.5% from 4.7% in the first quarter. A stronger-than-forecast print is likely to help the NZD to continue to outperform its rivals and vice versa.

New Zealand Employment Preview: Upbeat jobs data to open RBNZ rate-hike door.

Technical levels to watch for

 

Aug 3, 2021

USD/JPY hangs near two-week lows, just above 109.00 mark

The USD/JPY pair now seems to have entered a bearish consolidation phase and was seen oscillating in a range near two-week lows, just above the 109.00
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Aug 3, 2021

China: The manufacturing sector loses momentum – UOB

Economist at UOB Group Ho Woei Chen, CFA, assesses the latest PMI data releases in the Chinese economy. Key Quotes “The manufacturing and non-manufact
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