• Tech stocks led the fall in Wall Street.
  • Lockdown favourites like digital-services less in demand as restriction eases.

NZD/USD readying for a pullback from a steep uptrend, can New Zealand central bank decision alter the sentiments?

Nasdaq led the declines on a day of broad selling in the US equity markets with a 1.69 Percent decline; Dow Jones and S&P 500 were also down by 0.38 and 0.80 Percent respectively.

Why are investors offloading technology stocks?

The better performance by lockdown-sensitive stocks like Norwegian Cruise Line and Wynn Resorts shows that the market participants are now moving out of the shares which benefitted from the coronavirus restrictions. The digital services had earlier benefitted from the shelter-in-place and work-from-home policies, but with the gradual reopening, they are losing the edge.

The haven-linked dollar rose amidst the decline in the equities. But, the risk-off market mood didn’t help Japanese Yen and Swiss Franc from posting losses.

The Sterling Pound also took a hit while the petroleum-linked Norwegian Krone and Canadian Dollar fared better even though oil prices slid by more than a Percent.

USD Index Today - last 90 days