NZD/USD climbs back closer to 0.6400 mark, multi-month high ahead of US NFP report – by hareshmenghani NZDUSD Fed Bonds NFP Currencies
h straight day of a positive move and lifts spot prices closer to the highest level since mid-August touched on Thursday. Bulls now await a sustained strength beyond the 0.6400 mark amid the prevalent US Dollar selling bias.y
The USD Index, which measures the greenback's performance against a basket of currencies, languishes near a multi-month low amid the recent dovish signals from the Federal Reserve officials. In fact, Fed Chairsent a clear message on Wednesday that the US central bank will soften its stance and said that it was time to slow the pace of interest rate hikes. Apart from this, signs of easing inflationary pressure and sluggish US Treasury bond yields continue to weigh on the greenback.
slowed to 6% YoY in October from 6.3% previous. Adding to this, the annual Core PCE Price Index, the Fed's preferred gauge of inflation, edged down to 5% from 5.2% as expected. The softer data dragged the yield on the benchmark 10-year US government to a nearly two-month low. That said, the cautious mood could limit losses for the safe-haven USD and cap the risk-sensitive Kiwi.
Furthermore, traders also seem reluctant to place aggressive bets and prefer to move to the sidelines ahead of the closely-watched US monthly employment details. The popularly knownreport, due later during the early North American session, will influence the near-term USD price dynamics. Apart from this, the broader risk sentiment should provide a fresh impetus to the NZD/USD pair. Nevertheless, spot prices remain on track to register gains for the seventh successive week.
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