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NZD/USD hangs near daily low around 0.5625 area; looks to FOMC minutes for fresh impetus
The post NZD/USD hangs near daily low around 0.5625 area; looks to FOMC minutes for fresh impetus appeared on BitcoinEthereumNews.com. NZD/USD struggles to gain any meaningful traction as traders now await FOMC meeting Minutes. The Fed’s hawkish shift remains supportive of elevated US bond yields and favors the USD bulls. Geopolitical risks and trade war fears also contribute to capping the upside for risk-sensitive Kiwi. The NZD/USD pair stalls the previous day’s retracement slide from a nearly three-week high, albeit it struggles to attract any meaningful buyers and trades around the 0.5630-0.5625 area during the early European session on Wednesday. Traders seem reluctant and opt to await the release of FOMC meeting Minutes before placing fresh directional bets. Traders on Wednesday will also confront a duo of US labor market report – the ADP report on private-sector employment and the usual Weekly Initial Jobless Claims data. In the meantime, the US Dollar (USD) struggles to capitalize on the overnight move-up led by the upbeat US data, which acts as a tailwind for the NZD/USD pair. The fundamental backdrop, however, warrants some caution before confirming that spot prices have formed a near-term bottom and positioning for an extension of the recent bounce from the 0.5585 area, or the lowest level since October 2022 touched last week. The Federal Reserve (Fed) adopted a more hawkish stance at the end of the December policy meeting and signaled that it would slow the pace of rate cuts in 2025. This remains supportive of a further rise in the US Treasury bond yields and favors the USD bulls. Apart from this, persistent geopolitical risks, concerns about US President-elect Donald Trump’s tariff plans and the US-China trade war support prospects for the emergence of some dip-buying around the safe-haven buck. This, along with the cautious market mood, should contribute to capping the risk-sensitive Kiwi and the NZD/USD pair. New Zealand Dollar FAQs The New Zealand Dollar (NZD),…
The post NZD/USD hangs near daily low around 0.5625 area; looks to FOMC minutes for fresh impetus appeared on BitcoinEthereumNews.com.
NZD/USD struggles to gain any meaningful traction as traders now await FOMC meeting Minutes. The Fed’s hawkish shift remains supportive of elevated US bond yields and favors the USD bulls. Geopolitical risks and trade war fears also contribute to capping the upside for risk-sensitive Kiwi. The NZD/USD pair stalls the previous day’s retracement slide from a nearly three-week high, albeit it struggles to attract any meaningful buyers and trades around the 0.5630-0.5625 area during the early European session on Wednesday. Traders seem reluctant and opt to await the release of FOMC meeting Minutes before placing fresh directional bets. Traders on Wednesday will also confront a duo of US labor market report – the ADP report on private-sector employment and the usual Weekly Initial Jobless Claims data. In the meantime, the US Dollar (USD) struggles to capitalize on the overnight move-up led by the upbeat US data, which acts as a tailwind for the NZD/USD pair. The fundamental backdrop, however, warrants some caution before confirming that spot prices have formed a near-term bottom and positioning for an extension of the recent bounce from the 0.5585 area, or the lowest level since October 2022 touched last week. The Federal Reserve (Fed) adopted a more hawkish stance at the end of the December policy meeting and signaled that it would slow the pace of rate cuts in 2025. This remains supportive of a further rise in the US Treasury bond yields and favors the USD bulls. Apart from this, persistent geopolitical risks, concerns about US President-elect Donald Trump’s tariff plans and the US-China trade war support prospects for the emergence of some dip-buying around the safe-haven buck. This, along with the cautious market mood, should contribute to capping the risk-sensitive Kiwi and the NZD/USD pair. New Zealand Dollar FAQs The New Zealand Dollar (NZD),…
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