News

NZD/USD: Mildly bid above 0.6000, registers four-day winning streak

  • NZD/USD remains positive for the fourth consecutive day following its U-turn on Friday.
  • New Zealand’s Electronic Card Retail Sales flash disappointing numbers, risk-tone resets amid the fresh coronavirus update.
  • Virus headlines, US economic docket will be the key.

While paying a little heed to New Zealand Electronic Card Retail Sales, NZD/USD remains 0.05% positive around 0.6015 amid the early Asian session on Thursday. Not only downbeat data from home, but the kiwi pair also ignored the recent shift in the trading sentiment amid disturbing coronavirus (COVID-19) figures from the US.

New Zealand’s March month Electronic Card Retail Sales dropped 3.9% MoM and 1.8% YoY versus +0.3% and +5.3% respective forecasts.

Also on the negative side were the latest virus updates from the US. The US has recorded nearly 420,000 coronavirus cases and more than 14,300 deaths, as per Reuters. With this, the world’s largest economy stands in the second place, just after Italy, as far as the pandemic death toll is concerned.

On the contrary, US President Donald Trump reiterates his wish to reopen the economy in a phased manner, starting his hotels first, while also praising the Trump administration’s efforts.

That said, the market’s risk-tone recently stepped back from the previous day’s positive run with the US stock futures marking near 0.20% loss by the press time.

Although the virus updates remain as the key catalysts, today’s US economic calendar is also important due to the weekly Jobless Claims that have repeatedly surprised markets off-late.

Technical analysis

March 27 high near 0.6070 is on the bulls’ radar unless the quote slips below 0.5920 figures comprising 21-day SMA.

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