- Retail Sales in New Zealand rose more than expected in third quarter.
- US Dollar Index continues to consolidate last week’s gains.
- Coming up: CB Consumer Confidence Index from US and RBNZ Financial Stability report.
The NZD/USD pair registered small daily gains on Monday and continues to trade in the positive territory on Tuesday. However, the lack of momentum behind the pair’s movements suggests that it is unlikely to break out of its trading range anytime soon. As of writing, the pair was up 0.1% on a daily basis at 0.6422.
Earlier in the day, the data published by Statistics New Zealand revealed that Retail Sales in New Zealand rose 1.% in the third quarter following a dismal 0.2% in the second quarter and beat the market expectation of 1.2% to help the NZD preserve its strength against its major rivals.
Later in the day at 20:00 GMT, the Reserve Bank of New Zealand (RBNZ) will publish its Financial Stability report ahead of Trade Balance data and RBNZ Governor Orr’s speech.
Can USD extend last week’s rally?
On the other hand, after closing the previous week in the positive territory, the US Dollar Index is staying calm near the 98.30 mark for the second straight day as investors are waiting for key macroeconomic data releases.
Later in the session, Goods Trade Balance, New Home Sales, and the Conference Board’s Consumer Confidence Index from the US will be watched for fresh catalysts. More importantly, the third-quarter Gross Domestic Product report on Wednesday and the Personal Consumption Expenditures (PCE) Price Index on Thursday could bring volatility back into the FX markets.
Technical levels to watch for
Share
