Investors are expressing mixed sentiment on the US currency. The US dollar is struggling to rebound from Thursday’s lows and further make gains. Nevertheless, there are some currencies which are not able to stand up to the soft US dollar. For example, the New Zealand dollar shed almost 30 pips against the US dollar in the Asian session today. So, the NZD/USD pair closed at 0.7196. The kiwi tumbled in light of weak economic data from New Zealand. New Zealand’s manufacturing sector logged a slower growth in January.
Manufacturing PMI dropped to 51.6 last month from a 54.2 gain in December. The final score in December was downgraded from 54.5 in the flash estimate. According to the government report, retail sales rose by 0.8% in the fourth quarter at the same pace as a downwardly revised increase in the third quarter. The market was disappointed as retail sales growth in the final quarter was below consensus of a 1% gain. Today, the economic calendar lacks macroeconomic reports from the US. Thus, the US dollar index is likely to close the week in the red. Analysts expect the same dynamic for the NZD/USD pair.
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