NZD/USD struggles to extends its recovery, trades below 0.6600. New Zealand reported its first coronavirus cases in more than three months. US Dollar Index rebounds from daily lows on surging T-bond yields. The NZD/USD pair rose to a daily high of 0.6630 in the early trading hours of the European session on the back of risk-on flows but lost its traction on coronavirus headlines. With the greenback showing some resilience against its peers in the second half of the day, the pair continued to erase its gains and turned flat on the day near 0.6590. Focus shifts to RBNZ meeting Earlier in the day, New Zealand reported its first confirmed coronavirus infections in 102 days and announced that it will reintroduce COVID-19-related restrictions, triggering a kiwi selloff. On Wednesday, the Reserve Bank of New Zealand (RBNZ) will announce its rate decision and will release its policy statement. Previewing the RBNZ event, “we cannot rule out the possibility of negative interest rates in time but that will come with considerable baggage and we do not expect the RBNZ to employ that option for now,” UOB analysts said. “We expect QE to be expanded to a cap of NZD90 billion by August. Another option for the RBNZ is to adjust the QE programme to a type of ‘yield curve control’.” RBNZ Preview: Eight major banks expectations. On the other hand, the US Dollar Index (DXY), which came under renewed bearish pressure amid risk-on flows, rebounded modestly, causing NZD/USD to stay in the negative territory. Supported by an 11% upsurge witnessed in the 10-year US Treasury bond yield, the DXY recovered slightly and was last seen still losing 0.17% on the day at 93.45. Technical levels to watch for 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 Ethereum Technical Analysis: ETH/USD continues trading sideways through a healthy consolidation period FX Street 2 years NZD/USD struggles to extends its recovery, trades below 0.6600. New Zealand reported its first coronavirus cases in more than three months. US Dollar Index rebounds from daily lows on surging T-bond yields. The NZD/USD pair rose to a daily high of 0.6630 in the early trading hours of the European session on the back of risk-on flows but lost its traction on coronavirus headlines. With the greenback showing some resilience against its peers in the second half of the day, the pair continued to erase its gains and turned flat on the day near 0.6590. Focus shifts to RBNZ meeting… Top 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.