NZD/USD remains confined in range around 0.6200 after the expected PBOC rate cut – by hareshmenghani NZDUSD Fed Bonds China Currencies
builds on its bounce from over a one-month high touched last Friday and edges higher for the third straight day, which, in turn, is seen as a key factor acting as a headwind for the NZD/USD pair. The USD uptick could be attributed to a goodish pickup in the US Treasury bond yields, bolstered by rising bets for another 25 bps lift-off at the July FOMC meeting.
Apart from this, a generally weaker tone around the equity markets further benefits the Greenback's relative safe-haven status and contributes to capping the upside for the risk-sensitive Kiwi. Concerns about a global economic downturn, particularly in China, overshadow reports that China is considering a broad stimulus package to bolster economic support and continues to weigh on investors' sentiment.
This, along with the Reserve Bank of New Zealand's explicit signal that it was done with its most aggressive hiking cycle since 1999, could further undermine the New Zealand Dollar . Furthermore, New Zealand's Minister of Finance Grant Robertson and the Treasury criticized higher interest rates. However, expectations that the Fed is nearing the end of its policy tightening cycle might cap the USD and help limit losses for the NZD/USD pair, at least for now.
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