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NZD/USD: Off highs as New Zealand's consumer spending drops for 8th straight month

Written by By Omkar Godbole | 2020-11-20 02:32:26 GMT
  • NZD/USD drops 10 pips from session highs on weak New Zealand data. 
  • Risk sentiment sours as Mnuchin pulls the plug on US fiscal stimulus.

NZD/USD has backed off from session highs with a continued decline in a vital gauge of New Zealand's consumer spending. 

Credit Card Spending, which measures the change in credit card outlays by individuals, fell 6.3% in November following October's 9.9% decline. While the decline was less severe than the expected drop of 14.5%, it marked an eighth straight monthly contraction in consumer spending. 

The NZD/USD pair fell from session highs near 0.6920 to 0.6911 following the Credit Card Spending data. 

The Kiwi rose 20 pips in early Asia but failed to establish a foothold above 0.6920 as risk sentiment soured, pushing the US stock futures lower following the US Treasury Secretary Steve Mnuchin called an end to the pandemic relief for struggling businesses. 

That poured cold water over the optimism stemming from Senate Democratic Minority Leader Chuck Schumer's comments that Republican Majority Leader Mitch McConnell has agreed to revive the fiscal stimulus talks. 

Further, the rising number of coronavirus cases in the US and strengthening prospects of fresh lockdown weighed over the risk sentiment, capping the Kiwi's upside. 

Technical levels

NZD/USD

Overview
Today last price 0.6913
Today Daily Change -0.0014
Today Daily Change % -0.20
Today daily open 0.6927
 
Trends
Daily SMA20 0.6769
Daily SMA50 0.6688
Daily SMA100 0.6652
Daily SMA200 0.6415
 
Levels
Previous Daily High 0.693
Previous Daily Low 0.6878
Previous Weekly High 0.6915
Previous Weekly Low 0.6783
Previous Monthly High 0.6726
Previous Monthly Low 0.6546
Daily Fibonacci 38.2% 0.691
Daily Fibonacci 61.8% 0.6898
Daily Pivot Point S1 0.6893
Daily Pivot Point S2 0.686
Daily Pivot Point S3 0.6841
Daily Pivot Point R1 0.6945
Daily Pivot Point R2 0.6964
Daily Pivot Point R3 0.6997

 

 

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