NZD/USD remains firmer around 0.5920, making rounds to intraday high ahead of Tuesday’s European session, as buyers cheer the US Dollar weakness but l
ack support amid a light calendar and mixed sentiment. Even so, hopes of witnessing more stimulus from the major customer China add strength to the Kiwi pair’s recovery moves.
China state media advocates early rate cuts from the People’s Bank of China , which in turn suggests more money flow and favors the Kiwi buyers to keep the reins despite sluggish momentum.
also drops to 103.85 by the press time. It’s worth noting that the US two-year bond coupons reversed from the highest level since 2007 the previous day and remained depressed near 5.00% by the press time. Further, the S&P 500 Futures lack clear directions around 4,445 after rising in the last two consecutive days.
Moving on, the US Conference Board’s Consumer Confidence Index for August, expected at 116.2 versus prior 117.00, will be important for the pair trader to watch amid a light calendar elsewhere.NZD/USD buyers struggle with a six-week-old descending resistance line surrounding 0.5920 as the oversold RSI line favors the corrective bounce.
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