NZD/USD flat-lines around 0.6100 mark, consolidates its recent fall to fresh YTD low – by hareshmenghani NZDUSD Fed Bonds RiskAversion Currencies
The USD remains pinned near a multi-month top amid bets for aggressive Fed rate hikes.NZD/USD
pair seesaws between tepid gains/minor losses, around the 0.6100 mark through the early European session and consolidates its recent decline to the lowest level since November 17 touched earlier this Wednesday. The US Dollar builds on the previous day's blowout rally led by more hawkish remarks by Federal Reserve Chairand climbs to a fresh multi-month top, which, in turn, is seen acting as a headwind for the NZD/USD pair. Powell surprised investors and raised the possibility of larger rate hikes to tackle sticky inflation.
That said, the extremely oversold Relative Strength Index on hourly charts helps limit losses for the NZD/USD pair, at least for the time being. Nevertheless, the fundamental backdrop seems tilted firmly in favour of bearish traders and suggests that the path of least resistance for spot prices is to the downside. Hence, any attempted recovery move is more likely to get sold into and runs the risk of fizzling out rather quickly. Investors look forward to the US macro data for a fresh impetus.
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