NZD/USD flat-lines below mid-0.6400s ahead of US data, focus remains on FOMC – by hareshmenghani NZDUSD Employment RBNZ Fed Currencies
-0.6400s and remain well within the striking distance of over a one-week low touched the previous day.
As investors digest slightly weaker New Zealand employment details, the prevalent US Dollar selling bias turns out to be a key factor acting as a tailwind for the NZD/USD pair. In fact, Statistics New Zealand reported earlier this Wednesday that the unemployment rate edged up to 3.4% in the fourth quarter against the 3.3% expected and the previous.
That said, the underlying bearish sentiment surrounding the USD helps offset the negative factor and lends some support to the NZD/USD pair. Expectations that the Federal Reserve will slow the pace or even signal an end to the rate-hiking cycle drag the US Treasury bond yields lower and continue to undermine the greenback.
Heading into the key central bank event risk, traders on Wednesday will take cues from the US macro - the ADP report on private-sector employment, ISMand JOLTS Job Openings. This, along with the US bond yields, might influence the USD and provide some impetus to the NZD/USD pair. In the meantime, the prevalent cautious mood - as depicted by a generally negative tone around the equity markets - might cap the risk-sensitive Kiwi.
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