Despite yesterday’s bad fall, today New Zealand dollar (NZD) inched higher against the US dollar (USD) with a price of more than 0.7100.
The increase or decrease of pair always revolving around the news whether from New Zealand or America.
The recent rise might be happening because of the two big upcoming updates of America.
First, the US Census Bureau is going to release the number of New Home Sales today. According to economists’ prediction, it registered a reading of 0.886 M in March compared to the month before data.
The number of new home sales is a significant indicator of the state of the housing market. As a result of the money spent furnishing and financing their homes, demand for products, services, and workers is stimulated. In general, a high reading for the USD is bullish, whereas a low reading is bearish.
Second, durable goods orders are going to be released on April 26, 2021 (Monday). According to FXStreet.com, it might register a reading of 1.8% in March compared to the data of -1.2%, the month before data.
Durable goods orders are a metric that calculates the expense of orders for durable goods issued by producers. Since durable goods also entail significant investments, they are affected by the state of the US economy. The final graph depicts the current state of production in the United States. In general, a high reading for the USD is bullish.
The condition of the NZD/USD currency peer is quite better from the past, hence it opens several investment opportunities.