NZD/USD flirts with daily low, around 0.6300 mark amid modest USD strength – by hareshmenghani NZDUSD Fed InterestRate China Currencies
n session. The pair is currently trading around the 0.6300 mark, which if broken decisively will set the stage for an extension of the overnight sharp pullback from the highest level since mid-August.
The US Dollar gains some positive traction and looks to build on the overnight solid recovery move from over a five-month low, which, in turn, acts as a headwind for the NZD/USD pair. Against the backdrop of Friday's upbeat US monthly jobs report, the stronger US ISM Services PMI print on Monday suggested that the economy remained resilient despite rising borrowing costs.
Market participants, however, seem convinced that the US central bank could scale back the pace of its rate-hiking cycle and have been pricing in a relatively smaller 50 bps lift-off in December. Apart from this, the latest optimism over the easing of COVID-19 curbs in China keeps a lid on the safe-haven buck and helps limit the downside for the NZD/USD pair, at least for the time being.
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