- Kiwi climbs in risk-hungry markets at the outset of the new trading week, despite NZ markets being on holidays.
- Market sentiment will be firmly in the captain’s chair this week with little of note on the economic calendar for the NZD.
The NZD/USD is bumping higher in Monday’s Asia session, trading into the 0.7000 handle through the New Zealand long weekend.
New Zealand is celebrating the Queen’s Birthday holiday today, and NZ markets are dark for Monday’s trading session. Regardless of the holiday,the NZD is climbing as markets continue the risk-on sentiment swing that began on Friday following the better-than-expected US NFP figures. Geopolitical tensions and trade spats have taken a back seat to kick off the new week, and riskier assets are trading higher as the Greenback takes a breather.
This week is going to be a slow showing for the NZD, with little impactful news on the economic schedule, and the first data reading for the week won’t be until early Wednesday, with the ANZ Commodity Price Index figures for May at 01:00 GMT, and little else remains on the data docket for this week for the Kiwi.
NZD/USD Levels to watch
The pair has bounced away from major support at last week’s low of 0.6880 and is now trading into the 0.7000 major handle, but a continuation of selling action will see further support from May’s low of 0.6850 before the final barrier of late November’s bottom at 0.6780, while bulls will have to deal with Friday’s high near 0.7025 and the 50-day moving average near 0.7050.
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