NZD/USD moves sideways near mid-0.65s in choppy trading day

• Empty economic calendar paves the way for subdued trading action.
• Memorial Day holiday in the U.S. keeps volume down.
• RBNZ to publish Financial Stability Report later this week.

The NZD/USD pair closed the previous week with small gains and started the new week in a calm manner and has been moving sideways in a tight 20-pip range since. As of writing, the pair was virtually unchanged on a daily basis at 0.6548.

The U.S. markets will be closed due to Memorial Day holiday and it also suggests that President Trump is unlikely to tweet about the trade conflict with China. The lack of macroeconomic data releases and political developments in the second half of the day is likely to force the pair to continue to move sideways. While speaking to reporters during his visit to Japan, President Trump said that he thought that the would have a deal with China sometime in the future but added that they were not ready to do it yet.

Later this week, the Reserve Bank of New Zealand will be releasing its Financial Stability Report and Governor Orr will be delivering his remarks on the report. On the other hand, the S&P/Case-Shiller House Price Index and the Consumer Board Consumer Confidence Survey will be featured in the U.S. economic docket on Tuesday.

Technical levels to consider