NZD/USD bulls are beaten back in a non-favourable environment

• NZD/USD is back under pressure following a resurgence in the greenback.
• The bulls, however, are also feeling the heat in an unfavourable commodities complex environment.

NZD/USD is trading at 0.6190 and has been in a range of between 0.6162 and 0.6218 on the day, losing some 0.3% currently into a sleepy close on Wall Street. 

US stocks were mixed on the day, initially rallying as incoming data beat expectations on the whole. Analysts at ANZ Bank explained that growth in US Durable Goods Orders came in weaker than expected at 0% in July (exp: 0.8%, prev: 2.2%). ''However, this was largely driven by the volatile transportation component.

Excluding this, durable goods orders beat expectations, rising 0.3% (exp: 0.2%, prev: 0.3%). This was largely down to machinery, computers & electronics and fabricated metals. The stronger data suggests that investment activity is not slowing as quickly as some of the weaker survey and PMI data may suggest.''

Nevertheless, the US dollar gave up some gains later in the session into the London fix which enabled the kiwi to take flight early doors, although the price melted thereafter printing towards the lows of the day in midday trade from where the price has consolidated in and around thereafter.

''In many ways, the USD’s comeback is logical (at least from an NZ perspective) – it’s late-cycle here, so early winners may be early faders, and global growth risks abound – that’s hardly a supportive backdrop for commodity exporters,'' the analysts argued.