NZD/USD is on the backfoot ahead of the ECB By ross_burland NZDUSD Commodities Currencies DollarIndex ECB
The bias will be on the downside for the forseeible future for a potential lower low.
The commodity complex has struggled in June as investors were the complications of rising inflation, hawkish central banks, and dire geopolitics global growth prospects. As for the Reserve Bank of New Zealand, it has recently announced the balance sheet reduction plans whereby it will begin to sell its holdings of NZGBs from July 2022 and will sell NZD5bn per year in order of the maturity date. It will also sell until its holdings are reduced to zero.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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