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  • NZD/USD is struggling to preserve its bullish momentum.
  • US Dollar Index holds above 90.00 on Monday. 
  • Wall Street’s main indexes look to open in the positive territory.

The NZD/USD pair started to edge higher during the Asian session and touched a weekly top of 0.7139 but lost its bullish momentum. As of writing, the pair was virtually unchanged on a daily basis at 0.7123.

Markets turn risk-positive

Earlier in the day, US President Donald Trump signed the $2.3 trillion COVID-19 relief bill that will deliver direct checks to people who earn less than $75k annually. This development alongside the EU-UK trade deal that was announced on Christmas Eve allowed risk flows to continue to dominate the financial markets on Monday. Mirroring the upbeat market mood, the S&P 500 Futures are up 0.6% on the day. 

In the meantime, the US Dollar Index, which dropped below 90 in the early European morning, is currently flat on the day at 90.22. 

Wall Street’s main indexes remain on track to start the day in the positive territory and the greenback could have a tough time attracting investors in the second half of the day. Nevertheless, the market action ahead of the New Year holiday is expected to remain subdued.

Technical levels to watch for