NZD/USD climbs back above 0.6200 on sentiment improvement after US CPI – by christianborjon NZDUSD Majors Currencies Macroeconomics
ederal Reserve . The NZD/USD stays firm at around 0.6221 after clearing the 20-day Exponential Moving Average .Stocks went up again as worries about three US banks collapsing eased. The US Department of Labor reported that yearly inflation in February matched predictions. The headline inflation measure, the Consumer Price Index , increased by 6%. Excluding food and energy, known as the core CPI, rose by 5.5%. Monthly readings witnessed the CPI at 0.
US central bank chief Jerome Powell said last week that the main interest rate would go higher than planned. He also noted that solid economic data would make interest rates rise faster. But the recent problems in the US banking system make traders expect a less aggressive central bank as they worry that more banks could go bankrupt.
US Treasury bond yields are up after Monday’s knee-jerk reaction plummeted them. The US 2s and 10s are back within familiar levels, with 2s at 4.389%, up 40 bps, while 10s are at 3.659%. Given that backdrop, the greenback’s fall stopped, as shown by the US Dollar Index . The DXY is gaining 0.17%, at 103.801.On the New Zealand front, an absent economic docket left traders adrift to market sentiment and US Dollar dynamics.
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