NZD/USD bears on top as traders await more cues from US data – by fx_ross NZDUSD Technical Analysis Currencies DollarIndex
''Markets have been forced to reprice interest rate expectations, not just higher, but also questioning the view that once peak rates are hit, central banks will pivot quickly to cutting interest rates,'' analysts at ANZ Bank said in a note on Thursday morning in Asia.
''They need to stay hawkish and are not yet in a position to declare that interest rates are “sufficiently restrictive”. If the upcoming run of February data for the US confirm robust economic activity, it is difficult to see how risk will recover in the near term.'' Data in line with market expectations would thus add further weight to the view that the Fed will have to work harder to push inflation back to its target level. Currently implied market rates are pointing to a peak in Fed funds close to 5.33%.''
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