- New Zealand trade surplus falls in July compared to the previous month.
- The US dollar index range bound above a key support level.
- Durable Goods data from the US awaited.
The NZD/USD drifted back to 0.6560, up 0.2 Percent for the day after hitting a fresh weekly high of 0.6574, on Wednesday.
Data published by Statistics New Zealand earlier in the day put the July trade surplus at 282.00 million New Zealand dollars, down from 475.00 million NZD in the earlier month. But, the Kiwi stayed up against other currencies despite the weak data; the US-China trade optimism helped the NZD.
The dollar index is slightly up today around 93.10, helped by the surge in the Treasury yields despite the upbeat market mood uplifting the pro-risk currencies. The 10-year US T-bond yield was up 3.3 Percent today after posting consecutive four Percent closing gains during the start of the week.
The US Durable Goods Orders data will be awaited today for further impetus. Still, the action will be limited as the FOMC Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Thursday will weigh on investors’ minds.
Goldman Sachs analysts expect Powell to indicate that FOMC will adopt average inflation targeting of 2-2.5 Percent.
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