The New Zealand dollar has risen against the US dollar for the second day in a row. During the past few weeks, the New Zealand Dollar’s performance was extremely different.

However, the start of November has not been so good for the pair as yet. The pair keeps on deteriorating and is being exchanged for the price of 0.6777. Although many support levels seem around to be protecting it from decreasing further still, the market factors look not to be generous enough to allow the NZD/USD currency pair to prosper shortly.

The Consumer Confidence Index was released yesterday with a status of 98 this month compared to the month before data of 97.

The Consumer Confidence Index is a leading indicator that reflects consumer confidence in economic activity. A high degree of consumer confidence promotes economic growth, whereas a low level promotes economic contraction. A high reading is positive (or bullish) for the NZD, while a low number is negative (or bearish).

And, on December 22, 2021, the US Bureau of Economic Analysis (BEA) will issue gross domestic annualized data. Economists expect that GDP will remain the same from the second quarter, at 2.1 percent.

The annualized GDP measures the monetary value of all products, services, and buildings in a country over a certain period. GDP annualized is a gross indicator of market activity since it reveals how fast a country’s economy is growing or shrinking. In general, a high reading or a higher value is beneficial for the USD, while a low reading is negative.

Conclusion

Trading the NZD/USD pair around current levels is not suggested since it may keep falling until the end of this week.