NZD/USD climbs to fresh weekly highs above 0.7070
- NZD/USD is rising for the fourth straight day on Thursday.
- US economy grew by 6.4% in the first quarter as expected.
- US Dollar Index stays in the negative territory after US data releases.
The NZD/USD pair extended its rebound into the fourth straight day on Thursday and touched its highest level in a week at 0.7074. As of writing, the pair was up 0.36% on a daily basis at 0.7068.
Investors ignore US data ahead of Fedspeak
Following the mixed data releases, the greenback continues to have a difficult time attracting investors and the US Dollar Index (DXY) was last seen losing 0.12% on the day at 91.68. Additionally, Wall Street's main indexes remain on track to open in the positive territory, suggesting that the USD weakness is likely to persist during the American session with risk flows dominating the markets.
The US Bureau of Economic Analysis reported earlier in the session that the Real Gross Domestic Product (GDP) expanded at an annual rate of 6.4% in the first quarter. This print matched the previous estimate as expected.
Other data from the US showed that the weekly Initial Jobless Claims declined modestly to 411,000 from 418,000 and Durable Goods Orders rose by 2.3% in May, missing analysts' estimate for an increase of 2.7%.
Later in the day, several FOMC policymakers will be delivering speeches and investors will look for fresh clues regarding the policy outlook. On Wednesday, Atlanta Fed President Raphael Bostic's hawkish comments helped the stage a rebound in the late American session.
On Friday, Trade Balance data from New Zealand will be looked upon for fresh impetus.
Technical levels to watch for