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 price 0.6595
Today Daily Change 0.0019
Today Daily Change % 0.29
Today daily open 0.6576
Daily SMA20 0.6667
Daily SMA50 0.6755
Daily SMA100 0.6773
Daily SMA200 0.6722
Previous Daily High 0.6613
Previous Daily Low 0.6526
Previous Weekly High 0.6686
Previous Weekly Low 0.6606
Previous Monthly High 0.6838
Previous Monthly Low 0.658
Daily Fibonacci 38.2% 0.6559
Daily Fibonacci 61.8% 0.658
Daily Pivot Point S1 0.653
Daily Pivot Point S2 0.6484
Daily Pivot Point S3 0.6443
Daily Pivot Point R1 0.6617
Daily Pivot Point R2 0.6659
Daily Pivot Point R3 0.6705



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