NZD/USD grapples to snap the losing streak that began on Friday, holding grounds near 0.5880 during the European session on Wednesday. The strength in
the US Dollar weighed on the pair as market participants anticipate the Federal Reserve to keep interest rates at a higher level for a prolonged period.
Furthermore, the markets are pricing in the possibility of a 25 basis points rate hike by the end of 2023. This hawkish outlook continues to underpin the yields on the US TreasuryThe resurgence of trade tensions between the US and China could potentially reinforce the fears over China’s gloomy.
Given the close trade relationship between China and New Zealand, this situation may potentially exert downward pressure on the New Zealand Dollar due to its susceptibility to developments in the Chinese economy., which measures the value of the US Dollar against the six other major currencies, hovers around 104.70 at the time of writing. The yield on the 10-year US Treasury bond rose to 4.26%, up by 1.90%, which is contributing the support in underpinning the US Dollar .from the United States .
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