NZD/USD clings to recovery gains around 0.6580 region, lacks follow-through By HareshMenghani NZDUSD Bonds Fed RiskAppetite Currencies
The pair witnessed some short-covering bounce on the first day of a new week amid oversold conditions on the dailyand snapped seven consecutive days of the losing streak. The uptick allowed the NZD/USD pair to reversed Friday's losses to the lowest level since September 2020 and was sponsored by modest US dollar weakness.
The USD pullback lacked any obvious fundamental catalyst and could be attributed to some profit-taking following the post-FOMC bullish run to a 19-month high. That said, the prospects for a faster policy tightening by the Fed should act as a tailwind for the greenback and keep a lid on any meaningful recovery for the NZD/USD pair.liftoff in March and expect five quarter-point rate hikes by the end of 2022.
Apart from this, an intraday turnaround in the US equity futures should further lend some support to the safe-haven greenback and cap the perceived riskier kiwi. This, in turn, makes it prudent to wait for a strong follow-through buying in order to confirm that NZD/USD pair has bottomed out and positioned for any further gains.
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