NZD/USD remains unaffected by trade balance data as struggles below 0.7000
- NZD/USD moves cautiously on Monday with positive bias.
- The US Dollar Index slips from the 93.00 mark and trades lower.
- The US Treasury yields remain below the 1.300 level, undermining the demand for the greenback.
NZD/USD kickstarts the fresh trading week on a higher note in the Asian session. The pair seems to struggle to push above the 0.7000 mark for the past four trading sessions.
At the time of writing, NZD/USD is trading at 0.6981, up 0.14% for the day.
Kiwi remained unfazed by the June trade balance data, which narrowed to $261.4 million in June as compared to $472.6 million on yearly basis. The Trade data nearly halved in June as imports outpaced the exports, mainly due to a rise in the purchase of vehicles, parts, and accessories.
Meanwhile, the Bank of New Zealand (BNZ) on Friday revised forecasts for NZD against the US dollar, keeping the greenback on the higher side. The Kiwi performance could be traced back to the global economic recovery, but the narrative took a backseat over the past month due to the high-speed spread of the highly contagious delta variant of COVID-19.
It is worth noting that S&P 500 Futures were trading at 4,399 with 0.91% gains.
The US Dollar Index (DXY), which measures the greenback against a basket of six major rivals, slips below 93.00 with 0.02% losses.
As for now, investors are waiting for the US New Home Sales for June data to gauge the market sentiment.
NZD/USD additional levels