NZD/USD flat-lines around 0.6075 area, bias remains tilted in favour of bearish traders – by hareshmenghani NZDUSD RiskAppetite China Fed Currencies
lier this Thursday. Spot prices currently trade around the 0.6080-0.6075 region, nearly unchanged for the day and seem vulnerable to slide further.
As investors digest the Fitch downgrade of the US credit rating, a modest recovery in the US equity futures turns out to be a key factor benefitting the risk-sensitive Kiwi and lending some support to the NZD/USD pair. A positive risk tone, meanwhile, keeps a lid on the recent rally to its highest level since July 7, which, along with the better-than-expected China's Caixin Services PMI, acts as a tailwind for the major.
The US ADP report released on Wednesday showed that private-sector employers added 324K jobs in July, much higher than the 189K expected. This, along with the recent upbeat US macro data, points to an extremely resilient economy and should allow theto keep interest rates higher for longer. The hawkish outlook remains supportive of elevated US Treasury bond yields and suggests that the path of least resistance for the USD is to the upside.
Market participants now look forward to the US economic docket, featuring the release of the usual Weekly Initial, the ISM Services PMI and Factory Orders data later during the early North American session. This, along with the US bond yields and the broader risk sentiment, might influence the USD price dynamics and produce short-term trading opportunities around the NZD/USD pair. The market focus, however, will remain glued to closely-watched US monthly employment details on Friday.
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