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NZDUSD NEWS : NZDUSD flits with multi-week high, just below mid-0.5900s amid notable USD supply

NZDUSD NEWS

NZDUSD NEWS : NZDUSD flits with multi-week high, just below mid-0.5900s amid notable USD supply

  • NZDUSD fills the weekly bearish gap opening amid the prevalent USD selling bias.
  • Hope for less aggressive Fed rate hikes and the risk-on impulse weighs on the buck.
  • Recession risks might keep a lid on any optimism and cap the risk-sensitive Kiwi.

NZDUSD NEWS : The NZDUSD pair attracts fresh buying in the vicinity of mid-0.5800s on Monday and fills the weekly bearish gap opening heading into the North American session. The pair climbs to the 0.5940 region in the last hour, back closer to the multi-week high touched last Wednesday and remains supported by the prevalent US Dollar selling bias.

In fact, the USD Index, which measures the greenback’s performance against a basket of currencies, drops to over a one-week low and is pressured by a combination of factors. The mixed results from the closely-watched US monthly jobs report on Friday fueled speculations that the Federal Reserve will slow the pace of its rate-hiking cycle. Apart from this, a positive turnaround in the global risk sentiment exerts additional pressure on the safe-haven buck and benefits the risk-sensitive Kiwi.

NZDUSD NEWS : That said, growing market worries about the economic headwinds stemming from China’s strict zero-COVID policy and the protracted Russia-Ukraine war seem to cap the optimism in the markets. Furthermore, the Fed is still expected to hike interest rates by at least 50 bps at its policy meeting in December. This remains supportive of elevated US Treasury bond yields and should act as a tailwind for the greenback, warranting some caution before placing aggressive bullish bets around the NZDUSD pair.

Traders might also prefer to wait for a fresh catalyst from the latest US consumer inflation figures, due for release on Thursday. Hence, it will be prudent to wait for some follow-through buying beyond the 0.5945-0.5950 resistance zone in order to confirm a near-term bullish breakout and positioning for a further appreciating move. In the absence of any relevant economic data, the US bond yields, along with the broader risk sentiment, will influence the USD and provide some impetus to the NZDUSD pair.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

Exinity Limited (www.First Capitals.com/uk) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.

Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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