NZD/USD clings to modest gains around 0.6765-70 area, upside seems limited By HareshMenghani NZDUSD Bonds RiskAppetite Fed Currencies
Retreating US bond yields turned out to be a key factor that undermined the USD.traded with a mild positive bias and held steady above mid-0.6700s through the early European session, albeit lacked any follow-through buying.
The prospects for a faster policy tightening by the Fed held back traders from placing aggressive bearish bets around the USD. In fact, the money markets have fully priced in the possibility of an eventual Fed lift-off in March and are anticipating four interest rate hikes by the end of 2022. This, along with the cautious market mood, could further benefit the greenback's safe-haven status.
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