NZD/USD faces resistance around three-week highs, retreats to 0.6220s – by christianborjon NZDUSD Majors Macroeconomics Technical Analysis
US recession fears loom amongst investors as the housing market keeps cooling further.
On Wednesday, the NZD/USD hit a new three-week high at 0.6272, but it is retreating as market sentiment shifted sour on news that Google would follow Apple’s path and might halt hiring for two weeks. In the meantime, the New Zealand economic docket reported the Global Dairy Trader Price Index at -5% vs. -4.1% the previous month, which NZD/USD traders mainly ignored.looks brighter for the greenback, even though US housing data shows contraction, which could be an optimistic scenario for the greenback. Why? Because the US dollar, throughout recessions, has risen. Additionally, commodity prices tend to drop through those periods due to falling demand, a headwind for the New Zealand dollar.
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