NZD/USD: Steady on recovery drift from 0.7645

FXStreet (Guatemala) - NZD/USD is currently trading at 0.7659 with a high of 0.7666 and a low of 0.7655.

NZD/USD has been a drift to the upside since the supply that came in at the 0.7720 as bears come to the table in defence of the handle post a strong rally from last week's business three big figures lower.

The greenback was strong in the US trade at the start of the week and talking fundamentally, Imre Speizer commented on the unit and said, "NZD/USD remains dominated by US matters. That much was evident when NZ CPI for Q1 at -0.3% qoq came in slightly below consensus at -0.2%. NZD/USD shrugged it off and rose, preferring to continue responding to the month-old weakening of the US dollar."

Today, there isn't anything from New Zealand but there could some action around the RBA minutes given the forthcoming meeting in May. There has been some better data of late from the Australian economy and it will be key to note comments in respect of how the Bank intend to monitor developments since the last rate cut.