NZD/USD clings to modest gains above 0.6430 ahead of mid-tier US data
- NZD/USD pair is posting modest daily gains on Monday.
- US Dollar Index is edging lower toward 97.00.
- Pending Home Sales and Dallas Fed Manufacturing Index will be featured in US docket.
The NZD/USD pair started the week relatively calm near 0.6400 but gained traction during the Asian session. However, the pair seems to be struggling to extend its upside ahead of mid-tier macroeconomic data releases from the US. As of writing, the pair was up 0.15% on the day at 0.6433.
Eyes on coronavirus headlines
Over the weekend, a report showed that an experimental coronavirus vaccine developed by CanSino Biologics and the Beijing Institute of Biotechnology got approved to be used by the Chinese military and helped market sentiment turn positive.
On the other hand, the surging number of confirmed COVID-19 infections in the US doesn't pave the way for a convincing risk rally, keeping the kiwi's gains limited. At the moment, major European equity indexes are up between 0.15% and 0.3%.
In the second half of the day, Pending Home Sales and Dallas Fed Manufacturing Index data from the US will be looked upon for fresh impetus. Ahead of these data, the US Dollar Index, which tracks the USD's performance against a basket of six major currencies, is down 0.35% on a daily basis at 97.15.
On Tuesday, the ANZ's Business Confidence and Activity Outlook indexes from New Zealand will be featured in the Asian economic docket.
Technical levels to watch for