NZD/USD justifies upbeat New Zealand data, China news to please buyers above 0.6200 – by anilpanchal7 NZDUSD RiskAversion PMI Fed China
Business NZ PSI improves for May allowing Kiwi buyers to keep the reins.Juneteenth holiday restricts trading volatility, Fed Chair Powell’s Testimony will be the key.appears the most active among the G10 currency pairs during early Monday morning in Asia, up 0.35% intraday to 0.6235 at the latest. In doing so, the Kiwi pair benefits from upbeat New Zealand data and risk-on mood, mainly backed by China news, even as the Juneteenth holiday restricts the market moves.
On the same line, the latest headlines surrounding China allowed markets to remain hopeful and propel the Kiwi pair price. That said, the preliminary readings of the University of Michigan Consumer Sentiment Index for June improved but the US inflation expectations eased and tamed the US Dollar bulls. Further, Fed policymakers have been hawkish of late and challenged the NZD/USD bulls.Report to the US Congress, published Friday stated, “Inflation in the US is well above target and the labor market remains very tight,” as per Reuters.
On the same line, “US economy is still ‘ripping along’,” said Federal Reserve Governor Christopher Waller on Friday while adding that everything seems to be calm in the US banking system, as reported by Reuters.
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