NZD/USD rallies to 0.6250 area amid broad-based USD weakness, positive risk tone – by hareshmenghani NZDUSD Fed China Coronavirus Currencies
ched last week. The intraday rally remains uninterrupted through the first half of the European session and lifts spot prices back closer to mid-0.6200s.
The US Dollar struggles to capitalize on the previous day's solid rebound from the very important 200-day SMA and meets with a fresh supply, which, in turn, provides a goodish lift to the NZD/USD pair. A dovish assessment of the November FOMC meeting minutes released last week cemented market bets for a relatively smaller 50 bps rate hike in December. This triggers a fresh leg down in the US Treasury bond yields and continues to undermine the greenback.
Apart from this, a modest recovery in the global risk sentiment is seen as another factor undermining the safe-haven USD and benefitting the risk-sensitive Kiwi. Investors turn optimistic amid speculation that the Chinese government is considering scaling back its strict anti-COVID policies. This is evident from a stable performance in the European equity markets, though worries about a deeper global economic downturn might cap any positive move.officials could lend some support to the USD.
Market participants now look forward to the Conference Board's US Consumer Confidence Index, due for release later during the early North American session. This, along with the US bond yields and the broader market risk sentiment, will influence the USD and provide some impetus to the NZD/USD pair.
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