NZD/USD sticks to modest recovery gains around 0.6045-50 area, lacks follow-through – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
previous day's losses. The pair is currently placed around mid-0.6000s, up 0.20% for the day, albeit the intraday uptick lacks bullish conviction.
The US Dollar continues with its struggle to gain any meaningful traction and edges lower within a familiar trading band held over the past two weeks or so, which, in turn, lends some support to the NZD/USD pair. The uncertainty over the Federal Reserve's rate-hike path is seen as a key factor holding back the USD bulls from placing aggressive bets. That said, elevated US Treasury bond yields, along with the caution market mood, should help limit the downside for the safe-haven Greenback.
Last week's dovish rhetoric by several Fed officials fueled speculations that the US central bank will keepunchanged at the June 13-14 policy meeting. That said, the inflation and labor market data keep alive hopes for a 25 bps lift-off. Moreover, surprise rate hikes by the Reserve Bank of Australia and the Bank of Canada this week suggest that the fight against inflation is still not over.
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