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  • Disappointing data from China weighs on NZD on Thursday.
  • Bloomberg says there won’t be a meeting between Trump and Xi until late April.
  • US Dollar Index stages modest recovery.

After posting gains in the last four trading days, the NZD/USD pair reversed its course on Thursday and erased a large part of this week’s advance. As of writing, the pair was trading at 0.6815, losing 0.6% on a daily basis.

In the early Asian session, the data from China showed that the annual industrial production growth eased to  5.3% in January from 5.7% in December and fell short of the market expectation of 5.5% to weigh on the NZD.

Later in the day, Bloomberg in a report claimed that the meeting between President Trump and President Xi was likely to be postponed to late April and further hurt the demand for currencies such as the AUD and the NZD. “Despite claims of progress in talks by both sides, a hoped-for summit at Trump’s Mar-a-Lago resort will now take place at the end of April if it happens at all,” Bloomberg said citing a source familiar with talks. The next catalyst for the NZD will be the Business NZ PMI and visitor arrivals data that are scheduled to be released at 21:30 GMT and 21:45 GMT, respectively.

On the other hand, the greenback is staying relatively strong against its rivals on Thursday despite a lack of positive fundamental drivers. At the moment, the DXY is up 0.28% on the day at 96.75.

Key technical levels


       Daily SMA20:  0.6834
       Daily SMA50:  0.681
       Daily SMA100:  0.6787
       Daily SMA200:  0.6742
       Previous Daily High:  0.6863
       Previous Daily Low:  0.6828
       Previous Weekly High:  0.6832
       Previous Weekly Low:  0.6744
       Previous Monthly High:  0.6943
       Previous Monthly Low:  0.6719
       Daily Fibonacci 38.2%:  0.6841
       Daily Fibonacci 61.8%:  0.685
       Daily Pivot Point S1:  0.6836
       Daily Pivot Point S2:  0.6815
       Daily Pivot Point S3:  0.6801
       Daily Pivot Point R1:  0.6871
       Daily Pivot Point R2:  0.6885
       Daily Pivot Point R3:  0.6906