NZD/USD clings to gains above mid-0.6100s, lacks bullish conviction ahead of US NFP – by hareshmenghani NZDUSD Fed NFP RBNZ Currencies
The divergent Fed-RBNZ policy outlook could lend support to the pair amid looming recession risk.The NZD/USD pair
catches fresh bids during the Asian session on Friday and reverses a part of the previous day's retracement slide from the 0.6215-0.6220 region, or a two-week high. Spot prices currently trade around the 0.6170 region, up nearly 0.20%, and for now, seem to have snapped a two-day losing streak, though any meaningful upside still seems elusive.
The US Dollar struggles to gain any meaningful traction and consolidates the overnight losses amid the uncertainty over the Federal Reserve’s future rate-hike path, which, in turn, lends some support to the NZD/USD pair. The minutes from the June FOMC meeting released on Wednesday revealed that almost all members supported resuming rate hikes as inflation remains unacceptably high.
Nevertheless, the US central bank still seems poised to tighten its monetary policy further to combat stubbornly high inflation. In contrast, the Reserve Bank of New Zealand had signalled that it was done with its most aggressive hiking cycle since 1999 after raisingby 25 bps to the highest in more than 14 years in May. Moreover, the latest Reuters poll indicates that most economists expect the RBNZ to hold the official cash rate steady on July 12, for the first time in nearly two years.
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