NZD/USD moves toward 0.7050 post-NZD data, US PMI eyed

• NZD/USD moves sideways in the initial Asian trading hours.
• Lower US Treasury yields undermine the demand for the US dollar.
• Risk-on mood added support to kiwi.

The NZD/USD/ pair edges higher  on Tuesday in the early Asian trading session. The pair extended the previous day’s sluggish price movement. 

At the time of writing, the NZD/USD pair is trading at 0.7049,  0.0 2up % for the day.

The US Dollar Index (DXY), which measures the greenback performance against its major rivals, lost momentum and dropped back toward 92.20. The activity remained quiet due to holiday in the US market.

On the other hand, Kiwi remained in higher spirit after the latest Quarterly Survey of Business Opinion(QSBO) from the New Zealand Institute of Economic Research (NZIER), for the Q1 showed that 60% of the financial service sector firms expect interest rates to rise over the coming year. 

Meanwhile, as per the latest New Zealand Q2 Actual Business Confidence came at 7.0% as compared to -13% in the previous quarter.

As for now, traders are bracing up for New Zealand Global Dairy Trade Price Index and US Purchase Managers Index (PMI) data to gauge the market sentiment.

NZD/USD additional levels