$NZDUSD rises on US recession fears and inverted yield curve, focus on US data Read More!👉 Forex Recession
reignited recession fears, as business activity slows down. That, alongside a deep inversion of the US 10s-2s yield curve, signs traders are bracing for a recession amidst a cycle of central banks increasing borrowing costs to curb inflation. The NZD/USD is trading at 0.6156 after hitting a daily low of 0.6115.
The Institute for Supply Management in the US revealed that manufacturing activity weakened further in June, to 46.0 below May’s 46.9, missing estimates of 47. According to the report, it’s the eighth straight month of losses. The data showed that prices paid in the manufacturing front are deflating, contrarily to services, which remained higher due to stronger wage growth from a tight labor market.
NZD/USD traders should be aware that recent data pushed aside woes for a recession, but last Friday’s US inflation report tempered speculations the Fed will hike twice toward the end of the year. That weighed on the greenback, which according to the USThe US yield curve inverted the most since March of 2023, at -1.078%, as the US 2-year yield 4.923%, while the 10-year yields 3.
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