NZD/USD drops to mid-0.6200s, over one-week low amid stronger USD/risk-off – by hareshmenghani NZDUSD RBNZ Recession Fed Currencies
Hawkish Fed expectations and elevated US bond yields continue to underpin the greenback.The NZD/USD pair
prolongs its recent sharp retracement slide from over a two-month high set last week and remains under heavy selling pressure for the fourth straight day on Thursday. The downward trajectory drags spot prices to a one-and-half-week low, around the 0.6250-0.6245 region during the early European session.
With the latest leg down, the NZD/USD pair has now reversed nearly 140 pips from the overnight swing high touched after the Reserve Bank of New Zealand announced its policy decision. The implemented a fourth consecutive 50 bps rate hike at its meeting on Wednesday and pointed to the need to bring forward the timing of further rate increases.
From a technical perspective the death cross forming on the weekly chart, by the 50 WMA sliding below the 200 WMA, is a doom monger for the path of future prices. Bar a 180 degree turnaround on Friday, it looks like it will be confirmed by a very bearish candle fix this week. Further declines may be postponed, however, as initially markets may stabilize before a next leg lower. The 50-day SMA is providing temporary support to prices this morning, as is the 61.
A generally weaker tone around the equity markets caused by recession fears is seen as another factor benefitting the safe-haven buck. The fundamental backdrop favours the USD bulls and supports prospects for a further near-term depreciating move for the NZD/USD pair. The US economic docket features the release of the Philly Fed Manufacturing Index, Weekly Initial Jobless Claims and Existing Home Sales - for some impetus later during the early North American session.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
NZD/USD retreats sharply from post-RBNZ high, drops to one-week low near 0.6300 markThe NZD/USD pair witnesses an intraday turnaround from the 0.6385 area, or the daily high touched after the Reserve Bank of New Zealand (RBNZ) policy
Weiterlesen »
USD/CNH snaps two-day downtrend near 6.7950 amid concerns over PBOC, TaiwanUSD/CNH prints the first daily gains in three around mid-6.7900s as the offshore Chinese yuan (CNH) eases amid mixed concerns during Thursday’s Asian
Weiterlesen »
NZD/USD Price Analysis: Reverses 50-SMA breakout as RBNZ’s Orr appears less hawkishNZD/USD Price Analysis: Reverses 50-SMA breakout as RBNZ’s Orr appears less hawkish – by anilpanchal7 NZDUSD Technical Analysis SwingTrading RBNZ SupportResistance
Weiterlesen »
EUR/USD Forex Signal: Drop to Parity Can\u2019t Be Ruled OutThe $EURUSD price declined sharply as risks of more economic pain in Europe continued.
Weiterlesen »
EUR/USD Forecast: Euro could test 1.0100 with key resistances staying intactAfter having dropped to its weakest level in nearly two weeks at 1.0122 on Tuesday, EUR/USD has managed to stage a rebound before losing its momentum
Weiterlesen »
GBP/USD refreshes daily low after US Retail Sales, around mid-1.2000s ahead of FOMC minutesGBP/USD refreshes daily low after US Retail Sales, around mid-1.2000s ahead of FOMC minutes – by hareshmenghani GBPUSD RetailSales Fed Bonds Currencies
Weiterlesen »