NZD/USD holds steady above 0.6200 mark amid weaker USD, lacks bullish conviction – by hareshmenghani NZDUSD China Fed Recession Currencies
The upbeat Chinese data undermines the safe-haven buck and lends some support.pair attracts some buyers near the 0.6200 round-figure mark on Friday and recovers a part of the previous day's retracement slide from a two-week high. The pair maintains its bid tone through the early European session and currently trades near the top end of its daily range, around the 0.6225-0.6230 region, though lacks bullish conviction.
A private survey showed that activity in China's services sector expanded at the fastest pace in six months in February and turns out to be a key factor lending some support to antipodean currencies, including the Kiwi. This, along with a modestweakness, lends some support to the NZD/USD pair.
The markets seem convinced that the US central bank will stick to its hawkish stance for longer in the wake of stubbornly high inflation - as depicted by the US CPI, PPI and the PCE Price Index released recently. Moreover, the incoming positive US macro data, including the Initial Jobless Claims on Thursday, pointed to an economy that remains resilient and should allow the Fed to continue lifting interest rates.
Market participants now look forward to the US economic docket, featuring the release of the ISM Services PMI later during the early North American session. Apart from this, a scheduled speech by Dallas Fed President Lorie Logan and the US bond yields will influence the USD price dynamics. Traders will further take cues from the broader risk sentiment to grab short-term opportunities around the NZD/USD pair heading into the weekend.
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