NZD/USD climbs steadily towards 0.5600 ahead of US CPI figures – by christianborjon NZDUSD Majors Fed RBNZ Technical Analysis
shows that inflation remains elevated, pressuring the Fed, while worldwide central banks’ expressions of further tightening weighed in riskier assets. At the time of writing, the NZD/USD is trading at 0.5601, above its opening price by 0.30%.On Wednesday, the US Department of Labor reported that prices paid by producers in September rose, beating estimates, therefore justifying the need for higher interest rates. The headline PPI figure delineated prices increasing at an 8.
On the New Zealand side, the Reserve Bank of New Zealand needs to keep the rhythm of its tightening cycle as inflationary pressures remain. Analysts at Westpac noted that they foresee the RBNZ would hike the Oficial Cash Rate to 4.5%, with increments of 50 bps in the November and February meetings.remains neutral-to-downward biased. However, the downtrend overextending for a long period and the Relative Strength Index exiting from oversold conditions could pave the way for a mean reversion move.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NZD/USD recovers few pips from its lowest level since March 2020, lacks follow-throughNZD/USD recovers few pips from its lowest level since March 2020, lacks follow-through – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
Read more »
NZD/USD bulls eye recent highs in the 0.5650sNZD/USD is a touch higher in Asia, printing 0.5590 in a 0.15% move from the session lows of 0.5575 as traders move in on the US dollar as US bond yiel
Read more »
USD/JPY hovers around 145.70, shy of YTD highs as another BoJ intervention loomsThe USD/JPY is advancing steadily towards the YTD high at around 145.90, increasing the odds of another FX intervention by Japanese authorities to bol
Read more »
NZD/USD tumbles to fresh two and half-year lows, as the king dollar flourishesThe NZD/USD fell to a fresh two and half-year low at 0.5544, due to a dampened market mood, with investors seeking safety bolstered the greenback on s
Read more »
Gold Price Outlook Bearish on Strong US Dollar, Hawkish Fed; XAU/USD Eyes US CPIGold prices slump on Monday amid strong U.S. dollar and fears that the Fed will follow through on its plans to hike interest rates aggressively at upcoming FOMC meetings. The fundamental outlook remains bearish for non-yielding precious metals.
Read more »
GBP/USD climbs towards the 20-DMA, at around 1.1160s, as mood improvedThe GBP/USD is snapping four days of consecutive losses, though it remains below 1.1186, the 20-day EMA amidst a risk-off impulse in the markets, but
Read more »