NZD/USD recovers few pips from its lowest level since March 2020, lacks follow-through – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
The US dollar surrenders its intraday gains to a one-and-half-week high and turns out to be a key factor offering some support to the NZD/USD pair.
Brainard reiterated the Fed’s commitment to bring inflation down and said that the central bank will keep raisingin the near term. This, in turn, triggers a fresh leg up in the US Treasury bond yields and lifts the benchmark 10-year US government bond back closer to the 4.0% threshold, which should act as a tailwind for the buck.
Apart from this, the prevalent risk-off environment could limit the downside for the safe-haven buck and keep a lid on any attempted recovery for the risk-sensitive kiwi. This, in turn, suggests that the path of least resistance for the NZD/USD pair is to the downside and any subsequent move up might still be seen as a selling opportunity.
In the absence of any relevant market-moving economic releases from the US, traders on Tuesday will take cues from speeches by influential FOMC members. This, along with the US bond yields and the broader market risk sentiment, might drive the USD demand and provide some impetus to the NZD/USD pair ahead of the
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