NZD/USD bulls retreat from three-week high to 0.6200 as NZ GDP signals ‘technical’ recession – by anilpanchal7 NZDUSD GDP Recession Fed RBNZ
t said, the Kiwi pair rose to the highest levels since May 24 before easing from 0.6235 the previous day on the US Federal Reserve’s hawkish halt. However, the bears were impressed by the softer NZ first quarter 2023 Gross Domestic Product data., versus -0.7% prior. Further details reveal that the yearly figures ease to 2.2% YoY for the said period versus 2.6% market expectations and 2.3% previous readings.
On the other hand, Federal Open Market Committee decided to keep the benchmark Fed rate unchanged at the rate of 5.0-5.25%, matching market expectations of pausing the 1.5-year-old rate hike that propelled rates for 10 consecutive times. Even so, the hawkish signals from the FOMC Economic Projections and Fed Chair Powell’s speech underpin renew bullish bias about the US central bank.details unveil that the dot plot rose 30 bps from March for 2024 and 2025 to 4.6% and 3.
Against this backdrop, the markets remained volatile on late Wednesday, as well as on early Thursday. As a result, Wall Street closed mixed whereas the US 10-year Treasury bond yield eased 1.0 basis point to 3.79% but its two-year counterpart grinds higher at the three-month top to 4.70%.and Industrial Production for May will be more important to watch for the NZD/USD pair traders, especially amid fears of easing economic recovery in Australia’s key customer.
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