NZD/USD rebounds from 6-month low

The New Zealand dollar rose during the Asian session, witnessing its rebound for the second consecutive session from its lowest since early November against the US dollar, following developments and economic data by the New Zealand economy and on the threshold of developments and economic data expected today by the US economy, the world's largest economy.

As of 02:38 GMT, NZD/USD rose 0.27% to $0.6644 compared with the opening at $0.6626, after reaching a high of $0.6645 and a low of $0.6617.

We have followed the New Zealand economy releasing the reading of March's Trade Balance indicator, which showed a surplus of 922 million NZD versus a deficit of 68 million NZD in February, better than the forecast that indicated a surplus of 131 million NZD.

On the other hand, investors are looking for the US economy to release the preliminary reading of GDP for the first quarter, which may show a stability of the largest economy in the world at 2.2%, unchanged from the previous quarter, while the preliminary reading of GDP price-adjusted may reflect a slowing growth to 1.3% versus 1.8% in the fourth quarter of last year.

This comes ahead of the final reading of the University of Michigan consumer confidence index, which may reflect a widening to 97.1 compared with the April reading of 96.9 versus 98.4 in March, to the release of the US Treasury Department's semi-annual report on International economic policies and exchange rates.