NZD/USD tanks below 0.6200 amidst risk-on impulse, US Dollar strength, ahead of FOMC decision – by christianborjon NZDUSD Currencies Majors
strength. At the time of writing, the NZD/USD is exchanging hands at 0.6175 after dropping from a daily high of 0.6240.Wall Street pares some of Thursday’s losses on disappointing earnings from megacap tech companies. The lack of economic data in the United States keeps NZD/USD traders bracing for the next week’s Federal Open Market Committee monetary policy decision, with the Federal Reserve expected to deliver a 25 bps increase to the Federal Funds Rate , toward the 5.25%-5.50% area.
Elsewhere, the latest Reserve Bank of New Zealand monetary policy keeping rates unchanged is weighing on the New Zealand Dollar , which extended its weekly losses for almost 3%. That, despite fears of a slower recovery in China, despite the People Bank of China’s efforts to prod its economy and achieve its annual target, would keep the NZD pressured.
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