NZD/USD adds 30 pips on upbeat New Zealand card spending numbers
- An uptick in New Zealand card spending data put a bid under the Kiwi.
- The NZD/USD bulls need a break above 0.7060.
The NZD/USD picked up a bid after Statistics New Zealand reported a rise in card spending figures.
The electronic card retail sales rose 4.2 percent year-on-year in May, compared to an upwardly revised April figure of 1.4 percent. Meanwhile, the retail sales rose 0.4 percent on the month, compared to a 2.2 percent drop seen in April.
The electronic cards spending data covers about 68 percent of core retail sales in New Zealand, and is the main measure of monthly retail activity, according to Reuters.
Also, the optimism swirling around the historic Trump-Kim Summit could have added the bid tone around the Kiwi dollar.
As of writing, the pair is trading at 0.7030, having found bids at 0.6998 earlier today. However, only a daily close above 0.7060 (June 6 high) would signal a resumption of the rally from 0.6851 (May 16 low).
NZD/USD Technical Levels
Resistance: 0.7060 (May 16 low), 0.7123 (50% Fib R of Apr-May drop), 0.7153 (March 21 low).
Support: 0.70 (psychological level), 0.6960 (June 1 low), 0.6882 (May 30 low).