NZD/USD bears approach 2020’s bottom as DXY cheers firmer yields, hawkish Fed bets – by anilpanchal7 NZDUSD RiskAppetite Fed RBNZ Recession
i pair’s latest fall takes clues from the broad US dollar strength as traders rush towards the risk safety amid the first day of full markets.
In doing so, the quote ignores the early Asian session comments from the Reserve Bank of New Zealand GovernorAlso could have challenged, but ignored, were the mixed comments from the Fed policymakers. Chicago President Charles Evans said on Monday that the US can lower inflation relatively quickly without recession or a large increase in unemployment.
It’s worth noting that the US Dollar Index prints 0.21% intraday gains as it prints a five-day uptrend near 113.40. In doing so, the greenback’s gauge versus the six major currencies traces the US Treasury yields as the US 30-year Treasury yields rise to a fresh high since January 2014 whereas the 10-year counterpart pokes the 4.0% threshold. Also favoring the DXY is the CME’s FedWatch Tool which signals a 78.4% chance of the Fed’s 75 bps rate hike in November.
Furthermore, the recently fierce Russia-Ukraine tussles and the Sino-American tensions add strength to the risk-aversion wave that drowns the NZD/USD prices. While portraying the mood, the S&P 500 Futures that drop 0.50% as bears lean towards the monthly low. Moving on, multiple Fed policymakers are up for speeches during the day and can entertain NZD/USD traders, mostly the sellers. However, major attention will be given to the Federal Open Market Committee Meeting Minutes and the US Consumer Price Index data for September, up for publishing on Wednesday and Thursday respectively.A clear downside beak of the previous monthly low directs NZD/USD towards the year 2020’s bottom surrounding 0.5470.
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