Today, the New Zealand currency increased against the US dollar, as evidenced by the green candle tag on the graph. The price of the NZD/USD currency pair has risen above 0.7000 due to this recent increase.

The price of the pair is usually taking the impact of the news from both the states. Here the price has taken the effect of upcoming US unfavorable data.

First, the Bureau of Labor Statistics of the US Department of Labor will release the figure of non-farm productivity (Q2) on August 10, 2021. The economists suggest that non-farm productivity might remain 3.4% in the second quarter compared to 5.4% quarter before reading.

The production per hour of labor worked is seen in non-farm productivity. Non-farm productivity is a measure of the overall health of the US economy. A high reading for the USD is positive (or bullish), while a low score is negative (or bearish).

Then there’s the unit labor cost, which, according to economists, might drop from 1.7 percent to 1.2 percent in the second quarter of the year.

The unit labor cost is used to track trends in manufacturing costs, stock prices, and inflation. A high reading for the USD is positive (or bullish), while a low reading is considered negative (or bearish).

Conclusion

To the short to medium traders, buying the NZD/USD currency pair at current levels could be an idea, considering the pair’s overall price activity over the last few days.