NZD/USD climbs to fresh multi-week high around mid-0.6200s, beyond 200-day SMA – by hareshmenghani NZDUSD Fed RiskAppetite Bonds Currencies
The USD remains depressed amid dovish Fed expectations and lends some support.pair prolongs its recent upward trajectory witnessed since the beginning of the current month and climbs to over a three-week high on Friday. The pair maintains its bid tone, just below mid-0.6200s heading into the European session and now seems to have found acceptance above a technically significant 200-day Simple Moving Average .
Apart from this, a generally positive tone around the equity markets is seen as another factor weighing on the safe-haven Greenback and benefitting the risk-sensitive Kiwi. That said, worries about a global economic downturn, particularly in China, might keep a lid on any optimism. Furthermore, a modest uptick in the US Treasury bond yields could limit the USD losses.
Nevertheless, spot prices remain on track to register strong weekly gains and end in the green for the third successive week. In the absence of any relevant market-movingfrom the US, traders on Friday will take cues from Governor Christopher Waller's public appearance later during the early North American session. This, along with the US bond yields, will influence the USD price dynamics and provide some impetus to the NZD/USD pair.
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