NZD/USD jumps to fresh daily high, around 0.6075-80 area amid modest USD weakness – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
arly part of the European session. Spot prices climb to the 0.6075-0.6080 area in the last hour and have now reversed the previous day's downfall.
The US Dollar struggles to build on Wednesday's goodish rebound from the weekly low and meets with a fresh supply, which, in turn, is seen as a key factor pushing the NZD/USD pair higher. That said, any meaningful appreciating move still seems elusive as investors remain uncertain about the Federal Reserve's rate-hike path. Last week's dovish rhetoric by several Fed officials reaffirmed market expectations for an imminent pause in the US central bank's policy tightening cycle.
The data, meanwhile, pointed to weak overseas demand for Chinese goods and poses additional challenges for the world's second-largest economy. Apart from this, the Reserve Bank of New Zealand's explicit signal that it was done with its most aggressive hiking cycle since 1999 might continue to undermine the New Zealand Dollar . This, in turn, suggests that the path of least resistance for
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