- Kiwi gains versus US Dollar and erases weekly losses despite DXY gains.
- Greenback posts mixed results after US data, ahead of holiday and NFP.
After a consolidation that followed the bearish correction from the multi-month highs it reached on Monday at 0.6725, the NZD/USD pair broke to the upside, rising back above 0.6700 and points to the weekly highs. As of writing it trades at 0.6710, up 50 pips for the day, resuming the upside.
Data from the US came in mixed. The ADP employment report came in at 102K in June, a rebound from the lowest reading since 2010 of May’s 41K but below the 140K expected. Later the ISM non-manufacturing PMI also missed consensus by reaching 55.1 in June, down from 56.9 and lower than the 55.9 expected. The economic numbers had no significant impact on markets. Trading volume will likely trend lower today ahead of the July 4th holiday. On Friday, the NFP is due.
The DXY is modestly higher on Wednesday but the Australian and New Zealand dollars are rising versus the US Dollar as US yields continue to move lower and equity prices higher. The NZD/USD peaked at 0.6718, near the 0.6720/25 resistance area. Above the next level to watch is 0.6740. On the flip side, now the immediate support stands at 0.6690 followed by 0.6625/30 (July 1 & 3 low).
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