The NZD/USD pair trades in a narrow range above the round-level support of 0.5900 in the London session. The Kiwi asset fails to find direction despit
Overnight US futures attracted significant bids as investors hope that interest rates in the US economy are peaked for now.The NZD/USD pair
trades in a narrow range above the round-level support of 0.5900 in the London session. The Kiwi asset fails to find direction despite the People’s Bank of China cutting its one-year benchmark rate to uplift economic prospects amid a highly uncertain demand. The PBoC lowered its one-year Prime Lending Rate by 10 basis points to 3.40% than 15bps as expected.
S&P500 futures add significant gains in Europe, portraying a revival in the risk appetite of the market participants. Overnight US futures attracted significant bids as investors hope that interest rates in the United States economy are peaked for now. drops to near 103.15 after facing stiff barriers near 103.50 as investors see no more interest-rate hikes this year.
A Reuters poll conducted between August 14 and 18 showed that the Federal Reserve will keep interest rates steady in September and will not cut rates before March next year. Meanwhile, the odds of a recession have dropped to 40%, the lowest in a year. It seems that the central bank will allow more time for current interest rates to tackle stubborn inflation.
This week, investors will keenly focus on the Jackson Hole Economic Symposium, which will start on Thursday. Fed chairMeanwhile, the New Zealand Dollar remains less volatile despite the release of July’s trade balance data. Imports were higher than the former reading while exports remained weak, which indicates that domestic demand is upbeat while exports take a hit due to weak China demand.
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