Currently, NZD/USD is trading at 0.7209, up 0.02% on the day, having posted a daily high at 0.7215 and low at 0.7202.

NZD/USD is finding traction on the 0.72 handle, albeit at the low end of it having struggled to get above water overnight in the face of a stronger dollar and a hawkish outcome of yesterday's FOMC. The NZ data has been overshadowed today by the poor GDP data, but there was an improvement in the Business Performance of Manufacturing Index arriving at 58.5 vs the prior 56.8. 

Westpac offered a full review of the GDP data here: NZD GDP reviewed: RBNZ a long way off from hiking - Westpac

NZD/USD levels

The bird broke the stubborn 0.7220's level and rallied to 0.7318 highs earlier n the week, but since the GDP miss and a recovery in the greenback, that level is once again a level of strong resistance guarding 0.7280. To the downside, 0.7145 and a break back below 0.7080/90 are key near-term downside areas. On the wide, the 0.7375 YTD highs are a key target to the upside and to the downside, a break below 0.7080/00 opens 0.6970.