Search ForexCrunch
  • NZD/USD stays under modest pressure at the start of the week.
  • New Zealand’s Prime Minister Ardern delays general election amid coronavirus outbreak.
  • US Dollar Index stays in the negative territory near 93.00.

The NZD/USD pair is edging lower on Monday as the market mood turns cautious at the start of the week. As of writing, the pair, which dropped to a monthly low of 0.6521, was last seen losing 0.12% on a daily basis at 0.6531.

Coronavirus concerns hurt NZD

Earlier in the day, New Zealand’s Prime Minister Jacinda Ardern announced that they will be delaying the general election from September 19 to October 17 amid coronavirus outbreak in its largest city. This development seems to be weighing on the kiwi.

On the other hand, the greenback struggles to find demand as the 10-year US Treasury bond yield is losing more than 1% on a daily basis. After closing the previous three days in the negative territory, the US Dollar Index is down 0.15% on the day at 92.95.

Later in the day, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey’s will be the only macroeconomic data featured in the US economic docket. Nevertheless, investors are likely to continue to react to the market’s risk perception. In the early trading hours of the Asian session on Tuesday, REINZ House Price Index and the Business NZ Performance of Services Index will be released from New Zealand.

Technical levels to consider