NZD/USD finds some support near 0.6200 mark, remains well offered below 200 DMA – by hareshmenghani NZDUSD Inflation Fed Recession Currencies
0 mark, or its highest level since February 16. The pair, however, manages to rebound a few pips from the daily low and trades around the 0.6230 region during the early European session, still down nearly 0.50% for the day. strengthens across the board amid fresh bets for further policy tightening by the Federal Reserve and turns out to be a key factor weighing on the NZD/USD pair.
That said, a stable performance around the equity markets acts as a headwind for the safe-haven buck and lends support to the risk-sensitive, at least for the time being. Any optimism in the markets, however, is likely to be short-lived amid concerns about a deeper global economic downturn. The worries resurfaced after data out of Asia showed that manufacturing activity in Japan contracted during March, while growth in China stalled during the reported month.
Even from a technical perspective, the recent repeated failures to find acceptance above the very important 200-day Simple Moving Average warrants some caution for bullish traders. Market participants now look to the US ISM Manufacturing PMI for some impetus later during the early North American session.
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