- NZD / USD loses momentum after the close of the previous three bullish days.
- On Thursday, the US dollar index fluctuates in a narrow range above 99.
- Markit Manufacturing PMI data and sales of existing homes will be presented in the US economic file.
NZD / USD closed the first three days of the week in positive territory and gained nearly 200 pips during this period. However, the pair struggled to maintain their bullish momentum and entered the consolidation phase on Thursday. At the time of writing, the NZD / USD was down 0.35% on the day to 0.6120.
Data released by New Zealand on Thursday found that credit card spending in April fell 49.4% on an annual basis. The gloomy mood of the market, reflected by the poor performance of global stock indexes and disappointing data weighed on the kiwi during Asian and European trading hours.
A look at key US macroeconomic data
On the other hand, the US dollar index, which lost more than 1% in the first half of the week, seems to capitalize on risk flows to force the pair to stay in the red. For the moment, the index is posting small daily gains at 99.20.
In the second half of the day, weekly claims for initial unemployment will be examined for further momentum. In addition, preliminary PMI Markit Manufacturing PMI and PMI Services data for May, as well as existing home sales figures for April, will be included in the US economic record.
Statistics New Zealand will release first quarter retail sales data on Friday.