The NZD/USD pair builds on the previous day's modest bounce from the 0.5900 mark, or its lowest level since November 2022 and gains some positive trac
tion during the Asian session on Friday. Spot prices currently trade around the 0.5935 region, up 0.15% for the day, and for now, seem to have snapped an eight-day losing streak, through the intraday uptick lacks bullish conviction.
China Evergrande – one of the country's biggest real estate developers – filed for protection from creditors in a US bankruptcy court on Thursday. The news adds to concerns about a deepening crisis in China's property sector and the worsening conditions in the world's second-largest economy, fueling hopes for more government stimulus.
In fact, the minutes of the July 25-26 FOMC policy meeting released on Wednesday revealed that policymakers, though were divided over the need for more rate hikes, continued to prioritize the battle against inflation. Moreover, the incoming US macro data pointed to an extremely resilient economy and should allow the Fed to keep rates higher for longer.
Moving ahead, there isn't any relevant market-moving economic data due for release from the US on Friday, leaving the USD at the mercy of the USD price dynamics. Apart from this, the broader risk sentiment might further contribute to producing short-term opportunities around
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