NZD/USD remains trapped by 0.6800 as Kiwi holds onto gains

• The Kiwi is maintaining upside moves as the Greenback recedes and NZ economic data swings to the upside.
• US mid-term elections have sent the USD lower, further boosting market reactions to  the New Zealand employment figures earlier in the week.

The NZD/USD is trapped below the 0.6800 level, trading tightly near yesterday’s highs as the Kiwi seeks to extend recent gains fueled by risk-on Dollar selling.

The Kiwi sees little data of note on the economic calendar, but later today will be seeing another showing from the US Federal Reserve, where the embattled US central bank is expected to hold steady on interest rates for the time being. The Greenback has seen plenty of roiling flows on the back of fast and steady rate hikes from the Fed, but rising US inflation is keeping the Federal Reserve on a path for further rate hikes in the months to come.

New Zealand’s Employment Change and Unemployment Rate both cleared expectations handily this week, coming in at 1.1% and 3.9% respectively (forecast 0.5% and 4.5% apiece), and the US mid-term elections have kept the NZD/USD on pace to extend a recent bullish recovery, breaking out of a firm downtrend through November’s early trading, and the next contest for Kiwi bidders will be congestion at the 0.6800 major technical level.

NZD/USD Technical Levels