NZD/USD surrenders modest intraday gains, holds steady above 0.6200 amid weaker USD – by hareshmenghani NZDUSD China RiskAppetite Fed Currencies
The softer Chinese inflation figures fuel concerns about slowing growth and weighs on the major.The NZD/USD pair
attracts fresh sellers following an intraday uptick to the 0.6235 area on Tuesday and drops to the lower end of its daily trading range during the first half of the European session. The pair is currently placed around the 0.6215-0.6210 region and remains well within the striking distance of a nearly two-week low touched on Monday.
Data released earlier today showed China's consumer inflation hit an 18-month low and producer price inflation contracted at a steady pace amid growing signs that a post-COVID economic recovery was losing steam. This, in turn, is seen weighing on antipodean currencies, including the New Zealand Dollar, though broad-based US Dollar weakness helps limit the downside for the NZD/USD pair, at least for the time being.
A generally positive tone around the equity markets is seen as a key factor undermining the Greenback's relative safe-haven status and lending some support to the risk-sensitive Kiwi. The USD downfall, however, is likely to remain cushioned amid speculations that the Federal Reserve may continue raising interest rates.
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