NZD/USD: FUNDAMENTALS+TECHNICAL ANALYSIS | POSSIBLE PULLBACK |
NZD/USD witnessed modest pullback from the four-month high touched earlier this Wednesday.
Elevated US bond yields acted as a tailwind for the USD and prompted some intraday profit-taking.
The risk-on mood, rising commodity prices should help limit losses for the resources-linked kiwi.
The NZD/USD pair edged lower through the early European session and dropped to a fresh daily low, around mid-0.6900s in the last hour.
The pair witnessed modest retracement slide from the four-month high, around the 0.6975 region touched earlier this Wednesday and eroded a part of the previous day's strong gains. The recent runaway rally in the US Treasury bond yields acted as a tailwind for the US dollar, which, in turn, prompted trades to take some profits off their bullish positions around the NZD/USD pair.
The sell-off in the US bond market picked up pace after Fed Chair Jerome Powell suggested that the US central bank could adopt a more aggressive stance to combat inflation. Moreover, San Francisco Fed President Mary Daly noted that it was time to remove policy accommodation, while St. Louis Fed President James Bullard and Cleveland’s Loretta Mester called for faster hikes.
Elevated US bond yields acted as a tailwind for the USD and prompted some intraday profit-taking.
The risk-on mood, rising commodity prices should help limit losses for the resources-linked kiwi.
The NZD/USD pair edged lower through the early European session and dropped to a fresh daily low, around mid-0.6900s in the last hour.
The pair witnessed modest retracement slide from the four-month high, around the 0.6975 region touched earlier this Wednesday and eroded a part of the previous day's strong gains. The recent runaway rally in the US Treasury bond yields acted as a tailwind for the US dollar, which, in turn, prompted trades to take some profits off their bullish positions around the NZD/USD pair.
The sell-off in the US bond market picked up pace after Fed Chair Jerome Powell suggested that the US central bank could adopt a more aggressive stance to combat inflation. Moreover, San Francisco Fed President Mary Daly noted that it was time to remove policy accommodation, while St. Louis Fed President James Bullard and Cleveland’s Loretta Mester called for faster hikes.
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