NZD/USD rises marginally after US data, consolidates weekly gains

The US dollar weakened in the market after the release of US economic data and pushed NZD/USD to 0.7005, a fresh daily high. 

The pair bottomed earlier today at 0.6980 and then rose toward 0.7000. So far today it moved in a modest range of less than 30 pips, as liquidity remains low amid holidays. 

The release of US data triggered some moves and now consolidation again is expected for the coming hours. The CPI index fell 0.3% in March, the lowest reading since 2015. The retail sales report showed a contraction in March of 0.2% while February number was revised from 0.1% to -0.3%.

US: CPI falls 0.3% in March; index excluding food and energy falls 0.1%

US: March advance monthly retail sales were $470.8 billion, 0.2% lower from February

Consolidating weekly gains 

On Friday, consolidation prevailed among most crosses. NZD/USD remained near the 0.7000 area, confirming weekly gains. A weak US dollar in the market favored the pair, that is about to end with 70 pips above last week close, after rising a hundred pips from Wednesday’s lows. 

The rally, that started after an interview with US President Trump, that triggered a sell-off of the greenback, broke important short-term resistances, improving the bullish outlook for the pair.