- US Dollar Index continues to climb higher toward 100.
- Upbeat Chinese PMI data fail to help NZD find demand.
- Coming up: CB Consumer Confidence and Chicago PMI data from US.
After failing to hold above the 0.6000 handle, the NZD/USD pair extended its slide and touched a fresh daily low of 0.5945. As of writing, the pair was trading a couple of pips above that level, erasing 1% on a daily basis.
V-shaped recovery in China?
The data from China on Tuesday revealed a sharp recovery in the private sector’s business activity. The Manufacturing PMI in March jumped to 52.3 from 29.6 and the Non-Manufacturing PMI improved to 52.3 from 29.6 with both figures surpassing market expectations by wide margins.
Despite the upbeat Chinese data, the pair struggled to gain traction as the broad-based USD strength allowed the bearish pressure to remain intact.
The US Dollar Index, which closed the first day of the week with a gain of 0.75%, continues to push higher and was last seen adding 0.7% on the day at 99.72.
During the American trading hours, the Chicago PMI and the Conference Board’s Consumer Confidence Index from the US will be looked upon for fresh impetus.