- NZD/USD trades near the lowest level in two weeks
- USD trading strong
- US Dollar Index touches 94.00, awaits PMI data
The NZD/USD touched its lowest level since July 21, down 0.52 Percent from the earlier close, in early trading hours today as the USD gained strength against other currencies.
USD Index which had been posting continuous weekly losses for the last five periods was last seen gaining 0.53 Percent to touch 93.95.
The US Treasury bond yields seem to have helped the greenback in the absence of any significant fundamental triggers. The 10-year US T-bond yield is up 6.12 Percent to trade at 0.567 Percent.
Later, the IHS Markit’s final reading of July’s Manufacturing PMI and the ISM’s Manufacturing PMI from the US are expected to drive the sentiments for the day. A robust upbeat reading will be bullish for the dollar, and US T-bond yields – both have shown a good correlation in recent market sessions.
The New Zealand dollar will also be relying on the US data for further direction as there will be no macroeconomic data releases from the country.
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