Forex
Kiwi Holds Near Six-Week High Amid Weakened US Retail Sales
The New Zealand Dollar (NZD) has held steady near its early June high against the US Dollar (USD), trading in the mid-0.5900s at press time.
This stability comes despite a soft US retail sales report, which has trimmed bets on a Federal Reserve rate hike next month and pushed the Greenback lower.
The Kiwi has benefited from this move, extending its rebound as investors reassess their expectations for the Fed's monetary policy.
From a technical standpoint, the NZD/USD pair is showing a constructive bullish bias, holding above both the 20-period Simple Moving Average (SMA) and the 100-period SMA on the 4-hour chart.