- Greenback weakness helps Antipodeans despite lack of fresh catalysts from home.
- US employment data will gain more attention amid thin economic calendar abroad.
With the US Dollar’s (USD) failure to hold Wednesday’s strength, the NZD/USD pair extends its latest up-moves to 0.6625 during the early Asian session on Friday.
In spite of having fewer data/events on hand, the Kiwi pair manages to remain close to the highest since early-May.
The greenback couldn’t justify upbeat comments from the Federal Reserve Bank of New York President John Williams as sluggish trade balance and jobless claims at home continue to push sellers back to the spot.
During the early Asian session, the White House talks to avoid fresh tariffs on Mexico failed and the US continues to stand ready to impose fresh tariffs on Monday as a part of its retaliation against illegal migration from the neighbor.
Not only the absence of major details from New Zealand but a holiday in China also highlights today’s May month employment report from the US.
While the major emphasis will be on the headline nonfarm payrolls, which is likely to soften to 185K from 263K, no likely change in 3.6% unemployment rate and 3.2% average hourly earnings (YoY) could also grab market attention.
Technical Analysis
50-day simple moving average (SMA) level of 0.6635 acts as immediate resistance for the pair, a break of which can escalate the latest recovery towards 0.6670 number including the latest high and low of April 17.
Meanwhile, 0.6600 seem adjacent support ahead of late-April lows near 0.6580 and last week’s high at 0.6560.
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