The NZD/USD pair extends its winning streak for the fourth trading session on Thursday.
NZD/USD rises to 0.5960 as US Dollar exhibits a weak footing ahead of US Q1 GDP data. The consensus shows that the US economy expanded by 2.5% in the January-March period. The New Zealand Dollar moves higher on improved demand for risk-perceived currencies. The Kiwi asset movers higher to 0.5960 as the US Dollar falls further amid concerns over United States economic outlook due to a sharp decline in new business inflows in April, showed by S&P Global preliminary PMI report.
NZD/USD trades close to the upper-end of the inventory adjustment phase in which Kiwi positions are exchanged between institutional investors and retail participants. It is difficult to designate the phase as “accumulation” or “distribution” before a decisive break. The Kiwi asset is expected to deliver a decisive move after the release of the US Q1 GDP data. Upward-sloping 20-period Exponential Moving Average at 0.5947 signifies a bullish near-term appeal for the New Zealand Dollar.
Fed GDP Dollarindex Newzealand
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