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New Zealand dollar slips as US dollar firms near 0.5900
NZD/USD was last around 0.5869, with the drop tied to a stronger DXY and ahead of US Nonfarm Payrolls expected to influence the Greenback.
The New Zealand dollar edged lower against the US dollar, with NZD/USD trading near the 0.5900 area as the US Dollar Index (DXY) rose about 0.26% to around 100.00, leaving the kiwi pressured without any specific New Zealand catalyst, according to FXStreet.
FXStreet also linked risk to the outlook for US data. Nonfarm Payrolls are due Friday, with the consensus calling for 80K jobs after June’s 57K, and average hourly earnings seen up 0.3% month over month, a result that could extend the dollar recovery and weigh on NZD/USD.
The backdrop also includes slower Chinese trade growth, which matters to New Zealand given China is its largest export market. China reported exports up 22.2% year to July versus 27% before, imports slowing to 27.9% from 36%, and the trade surplus narrowing to $107 billion from $125.62 billion, FXStreet said.
On the technical side, FXStreet cited NZD/USD holding above the 100-period simple moving average near 0.5835 while remaining under the 20-period SMA around 0.5876. The pair faced nearby supply in the 0.5872 to 0.5882 band, with resistance above at 0.5907 and 0.5930, while immediate support was seen near 0.5860.
Latest closeDollar index 99.98 ▲0.3%