NZD/USD fails ahead of 0.6300 mark, pares intraday gains to multi-week high – by hareshmenghani NZDUSD RiskAppetite Fed Inflation Currencies
on near the 0.6300 mark. Spot prices trade around the 0.6270-0.6275 region during the early European session and now seem to have found acceptance above a technically significant 200-day Simple Moving Average .
The prevalent risk-on environment - as depicted by a generally positive tone around the equity markets - turns out to be a key factor lending support to the NZD/USD pair. Against the backdrop of easing fears of a full-blown banking crisis, hopes for a strong economic recovery in China boost investors' confidence and benefit the risk-sensitive. In fact, the official Chinese PMI data showed that business activity in the services sector grew at its fastest pace in 12 years in March.
This, in turn, is holding back traders from placing aggressive bearish bets around the USD and acting as a headwind for the NZD/USD pair, at least for the time being. Investors also seem reluctant and prefer to move on the sidelines ahead of the release of the US Core PCE Price Index, the Fed's preferred inflation gauge later during the early North American session. The data will play a key role in influencing expectations about the next policy move.
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