- NZD/USD pair edges lower after closing in the green on Thursday.
- US Dollar Index looks to snap five-day losing streak.
- Wall Street’s main indexes look to open modestly lower.
The NZD/USD pair rose above 0.7250 on Friday but erased the majority of its daily gains to close with small gains at 0.7225. With the USD gathering strength on Friday, the pair lost its traction and was last seen losing 0.45% on a daily basis.
DXY turns north on Friday
In the absence of significant macroeconomic data releases, the USD’s market valuation remains the primary driver of NZD/USD’s movements. The risk-averse market environment ahead of the weekend seems to be helping the greenback attract investors. At the moment, the US Dollar Index (DXY) is up 0.2% on the day at 90.60.
Meanwhile, the S&P 500 Futures are down 0.25%, suggesting that the DXY could look to end the week on a firm footing if US stocks edge lower after the opening bell.
The only macroeconomic data featured in the US economic docket on Friday will be the University of Michigan’s preliminary Consumer Sentiment Index for February, which is expected to improve to 80.8 from 79. Moreover, New York Federal Reserve President John Williams is scheduled to deliver a speech at 1500 GMT.
Technical levels to watch for
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