NZD/USD clings to gains around 0.6065-0.6070, remains close to YTD peak ahead of US Retail Sales
The post NZD/USD clings to gains around 0.6065-0.6070, remains close to YTD peak ahead of US Retail Sales appeared on BitcoinEthereumNews.com. NZD/USD trades with a positive bias for the second straight day amid a weaker USD. Reduced RBNZ rate cut bets underpin the NZD and further lend support to the major. Geopolitical risks might cap the risk-sensitive Kiwi ahead of the crucial FOMC meeting. The NZD/USD pair attracts some dip-buyers near the 0.6045 area on Tuesday and stalls the previous day’s late pullback from its highest level since October 2024. The uptick, however, lacks strong follow-through, with spot prices currently trading around the 0.6065-0.6070 area, up just over 0.10% for the day during the early European session. The US Dollar (USD) continues with its struggle to attract any meaningful buyers and remains well within striking distance of a three-year low, which, in turn, is seen as a key factor acting as a tailwind for the NZD/USD pair. Traders have been pricing in the possibility that the Federal Reserve (Fed) will resume its rate-cutting cycle in September amid signs of easing inflation and a slowing economy. This, along with US fiscal concerns and trade-related uncertainties, keeps the USD bulls on the defensive. The New Zealand Dollar (NZD), on the other hand, draws support from domestic data, which showed that the Food Price Index accelerated from 3.8% in April to 4.4% last month, marking the highest level since December 2023. The data comes on top of expectations for just one more interest rate cut by the Reserve Bank of New Zealand (RBNZ) and lends additional support to the NZD/USD pair. Traders, however, seem reluctant to place aggressive directional bets ahead of the key central bank event risk. The US central bank is scheduled to announce its policy decision at the end of a two-day meeting on Wednesday and is widely expected to maintain the status quo amid the uncertainty surrounding US President Donald…
The post NZD/USD clings to gains around 0.6065-0.6070, remains close to YTD peak ahead of US Retail Sales appeared on BitcoinEthereumNews.com.
NZD/USD trades with a positive bias for the second straight day amid a weaker USD. Reduced RBNZ rate cut bets underpin the NZD and further lend support to the major. Geopolitical risks might cap the risk-sensitive Kiwi ahead of the crucial FOMC meeting. The NZD/USD pair attracts some dip-buyers near the 0.6045 area on Tuesday and stalls the previous day’s late pullback from its highest level since October 2024. The uptick, however, lacks strong follow-through, with spot prices currently trading around the 0.6065-0.6070 area, up just over 0.10% for the day during the early European session. The US Dollar (USD) continues with its struggle to attract any meaningful buyers and remains well within striking distance of a three-year low, which, in turn, is seen as a key factor acting as a tailwind for the NZD/USD pair. Traders have been pricing in the possibility that the Federal Reserve (Fed) will resume its rate-cutting cycle in September amid signs of easing inflation and a slowing economy. This, along with US fiscal concerns and trade-related uncertainties, keeps the USD bulls on the defensive. The New Zealand Dollar (NZD), on the other hand, draws support from domestic data, which showed that the Food Price Index accelerated from 3.8% in April to 4.4% last month, marking the highest level since December 2023. The data comes on top of expectations for just one more interest rate cut by the Reserve Bank of New Zealand (RBNZ) and lends additional support to the NZD/USD pair. Traders, however, seem reluctant to place aggressive directional bets ahead of the key central bank event risk. The US central bank is scheduled to announce its policy decision at the end of a two-day meeting on Wednesday and is widely expected to maintain the status quo amid the uncertainty surrounding US President Donald…
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