NZD/USD surged after the Fed Chair’s Testimony and FOMC minutes renewed easy monetary policy concerns. New Zealand Credit Card Spending and Electronic Card Retail Sales are up on the radar. US CPI, the second day of Powell’s Testimony and trade news/headlines will be the key to follow. Not only the US Federal Reserve Chairman Jerome Powell’s Testimony but minutes of the latest FOMC meeting also renewed concerns of the US monetary easing and triggered across the board selling of the US Dollar (USD). As a result, the NZD/USD jumped to regain its stand above 21day EMA while taking rounds to 0.6645 at the start of Thursday’s Asian trading session. While mixed data from China and doubts surrounding the US-China trade deal dragged the Kiwi pair downwards during early Wednesday, the pair managed to gradually recover the losses afterward. However, the buyers sneaked after the Fed Chair Powell cited inflation risk and reiterated that the Fed will act ‘as appropriate’ to sustain the economic expansion. Following that, minutes of the latest Federal Open Market Committee (FOMC) meeting also fall short of revealing any more details than a strong bearish bias among many officials. At the trade front, the US and Chinese diplomats are talking the trade with the dragon nation’s initial demand to dump arms sales deal to Vietnam seems like a first barrier on the road to discussion. China’s SCMP also conveyed that the nation didn’t promise any purchases of the US farm products at G20, offering additional negative for the odds of a successful trade deal between the world’s two largest economies. Moving on, New Zealand’s May month Credit Card Spending and Electronic Card Retail Sales for June will be the immediate catalysts to watch. The Credit Card Spending grew 6.6% during its earlier readouts while Electronic Card Retail Sales grew 3.2% on a yearly basis and declined -0.5% on MoM format. Forecasts suggest +0.7% increase for Electronic Card Retail Sales. Ahead of the event, TD Securities said: We anticipate a 0.5% bump in June retail Card Spending, following the 0.7% drop in May. Although most business sentiment surveys have plunged, consumer sentiment remains upbeat. We anticipate upside risk to our forecast. Technical Analysis Unless providing a successful break of early-month low near 0.6656, chances of the pair’s pullback to 21-day exponential moving average (EMA) level of 0.6632 can’t be denied. Also, additional downpour past-0.6632 highlights the importance of 0.6600 and late-May top close to 0.6560 as the key supports. Alternatively, 100-day EMA level of 0.6680 and 0.6715 comprising 200-day EMA can question the Kiwi pair’s upside. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Rumour: U.S. airstrikes are ready to start hitting Iranian targets in Syria FX Street 3 years NZD/USD surged after the Fed Chair's Testimony and FOMC minutes renewed easy monetary policy concerns. New Zealand Credit Card Spending and Electronic Card Retail Sales are up on the radar. US CPI, the second day of Powell's Testimony and trade news/headlines will be the key to follow. Not only the US Federal Reserve Chairman Jerome Powell's Testimony but minutes of the latest FOMC meeting also renewed concerns of the US monetary easing and triggered across the board selling of the US Dollar (USD). As a result, the NZD/USD jumped to regain its stand above 21day EMA while taking rounds to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.