• NZD/USD drifts through the 0.69 level to print fresh cycle highs as the dollar starts to slide and with RBNZ in focus.
• The US dollar is under pressure again as the coronavirus spread takes the market’s market attention.
NZD/USD is testing above 0.6900 to print a high of 0.6914 following yesterday’s Reserve Bank of New Zealand meeting and additional comments today from the reserve bank’s assistant governor, Christan Hawkesby.
NZD/USD has travelled from a low of 0.6879 from the start of the Asian session and is up some 0.32% at the time of writing.
Hawkesby is saying that the bank has not changed its guidance on keeping OCR at 0.25% until March 2021 and that the economy is performing more strongly than expected in August this year.
This has given the kiwi a boost against the US dollar, but not against the yen nor the Aussie.
DXY has now turned negative for the session, testing the 21-hour moving average:
The dollar, according to the daily chart, is struggling since meeting a 50% mean reversion of the full leg down from the early November highs.
The prospects of the GOP keeping the Senate may not be enough to propel the greenback much higher in an environment where the spread of the coronavirus is mounting to record daily highs and throughout all of the US states.
More in this here: US covid outbreak uncontrolled throughout all states Read from source….