NZD/USD is grinding lower from 0.6452 to 0.6384, shedding 67 pips (1.04%) today.
Retail Sales data from United States will be released today at 13:30 UTC with analysts expecting a decline to -0.1%. Potentially significant price fluctuations in the Kiwi are expected to follow.
United States Crude Oil Inventories came out at 10.23 million, better than analyst estimates of -3.60 million and improving upon the previous reading of -5.19 million.
On the flip side, highly important GDP data from New Zealand beat analyst expectations of 0.9 with a reading of two.
While price action maintains a negative bias, United States Interest Rate released yesterday at 19:00 UTC with a figure of 4.5, while the previous figure was four.
In the meantime, negative performances are also seen in other pairs as AUD/USD is down to 0.6766, losing 100 pips, after closing at 0.6866 in the preceding trading session. After ending yesterday's session at 1.2429, GBP/USD lost 103 pips and is trading around 1.2326.
Positive performances can be seen by looking at other currencies as having closed the previous session at 1.3452, USD/SGD is up 0.73% today to currently trade at around 1.355.
Some optimism can drawn from the fact that projections for United States Retail Sales are set for a continuation of decline with -0.1% while previous data was 1.3%; data will be released today at 13:30 UTC. Today at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.2% from the preceding figure of 1.3%.
Furthermore, New Zealand Business NZ PMI (Nov) will be released today at 21:30 UTC.
The currency pair has been trending positively for about 2 months. Having set a significant low of 0.5566 2 months ago, the Kiwi is trading 15.91% higher.