NZD/USD steadies around 0.66, US-China trade talks set to kick off at 21 GMT

  • U.S. Pres. Trump says it's still possible to reach a trade deal.
  • US Dollar Index looks to close the day in the red.
  • Focus remains on the U.S.-China trade talks.

The NZD/USD pair fell to 0.6570 earlier in the day before staging a recovery in the NA session boosted by the broad-based USD weakness and a slight optimism surrounding today's critical U.S.-China trade talks. At the moment, the pair is up 0.35% on a daily basis at 0.6595.

With the flight-to-safety dominating the market in the early NA session, the 10-year T-bond yield lost nearly 2% and fell below the 3-month yield to trigger a strong USD selloff. The US Dollar Index, which has been having a tough time pulling away from mid-97s since the start of the week, turned south and fell to a daily low of 97.24. As of writing, the index was down 0.23% on the day at 97.37. Although today's data showed that the trade deficit of the U.S. widened less than expected in March, the greenback struggled to retrace its drop.

In the meantime, U.S. President Donald Trump told reporters that it was still possible to have a trade deal with China this week and said that his counterpart Xi sent him a letter urging them to work together. Trump further announced that talks will start at 21 GMT today.

The only data release from New Zealand on Friday will be electronic card retail sales. Later in the day, inflation report from the U.S., which is expected to show the core CPI ticking up to 2.1% on a yearly basis in April, will be looked upon for fresh impetus.

Technical levels to watch for


Today last price0.6595
Today Daily Change0.0019
Today Daily Change %0.29
Today daily open0.6576
Daily SMA200.6667
Daily SMA500.6755
Daily SMA1000.6773
Daily SMA2000.6722
Previous Daily High0.6613
Previous Daily Low0.6526
Previous Weekly High0.6686
Previous Weekly Low0.6606
Previous Monthly High0.6838
Previous Monthly Low0.658
Daily Fibonacci 38.2%0.6559
Daily Fibonacci 61.8%0.658
Daily Pivot Point S10.653
Daily Pivot Point S20.6484
Daily Pivot Point S30.6443
Daily Pivot Point R10.6617
Daily Pivot Point R20.6659
Daily Pivot Point R30.6705



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