NZD/USD moves below 0.6000 due to hawkish remarks from Fed’s Kashkari
08.05.2024, 05:02

NZD/USD moves below 0.6000 due to hawkish remarks from Fed’s Kashkari

  • NZD/USD continues to lose ground due to the sentiment of the Fed prolonging higher interest rates.
  • The higher US Treasury yields contribute support for the US Dollar.
  • The Kiwi market seems unsettled in anticipation of critical data releases from its primary trading partner, China.

NZD/USD trades around 0.5990 during the Asian session on Wednesday, marking a second consecutive day of losses. This decline is likely influenced by the Federal Reserve's (Fed) sentiment of maintaining higher interest rates for an extended period. Furthermore, hawkish remarks from Minneapolis Fed President Neel Kashkari have strengthened the US Dollar, thereby exerting downward pressure on the NZD/USD pair.

President Kashkari's comments suggest an expectation for rates to remain unchanged for a significant duration, as reported by Reuters. Although the probability of rate hikes is low, it's not entirely ruled out.

The US Dollar Index (DXY), which gauges the performance of the US Dollar (USD) against six major currencies, edges higher to near 105.50. The higher US Treasury yields provide support for the Greenback. The 2-year and 10-year yields on US Treasury bonds stand at 4.84% and 4.47%, respectively, by the press time.

Last week, signals from the Reserve Bank of New Zealand (RBNZ) indicated an intention to postpone any move toward monetary easing until 2025, citing higher-than-anticipated inflation pressures in the first quarter. This stance could offer support for the New Zealand Dollar (NZD).

Moreover, the Kiwi market appears unsettled ahead of crucial data releases from its primary trading partner, China. This includes Thursday's Trade Balance data for April and Consumer Price Index readings on Saturday.

In New Zealand, growing concerns regarding the domestic economy have surfaced, particularly following a warning from the Organization for Economic Co-operation and Development (OECD) that Wellington is experiencing lower productivity growth due to inadequate competition, notably in the supermarket sector.

NZD/USD

Overview
Today last price 0.5992
Today Daily Change -0.0010
Today Daily Change % -0.17
Today daily open 0.6002
 
Trends
Daily SMA20 0.5945
Daily SMA50 0.6016
Daily SMA100 0.6097
Daily SMA200 0.6039
 
Levels
Previous Daily High 0.6021
Previous Daily Low 0.5995
Previous Weekly High 0.6046
Previous Weekly Low 0.5875
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.6005
Daily Fibonacci 61.8% 0.6011
Daily Pivot Point S1 0.5991
Daily Pivot Point S2 0.598
Daily Pivot Point S3 0.5965
Daily Pivot Point R1 0.6017
Daily Pivot Point R2 0.6032
Daily Pivot Point R3 0.6043

 

 

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