NZD/USD hangs near one-month low, just above 0.6300 amid stronger USD/risk-off mood – by hareshmenghani NZDUSD NFP Fed Recession Currencies
r, struggle to capitalize on the move and remain vulnerable to extend the recent sharp pullback from the highest level since June 2022 touched last week.
A combination of factors assists the US Dollar to build on Friday's strong recovery from a nine-month low and caps the upside for the NZD/USD pair. The upbeat US monthly jobs report forced investors to scale back their expectations for an imminent pause in the Fed's policy-tightening cycle. This, along with the prevalent risk-off environment, further underpins the safe-haven buck and acts as a headwind for the risk-sensitive Kiwi.
Meanwhile, expectations that the US central bank will stick to its hawkish stance for longer fuel concerns about economic headwinds stemming from the continuous rise in borrowing costs. Adding to this, unimpressive quarterly earnings reports from tech companies leads to a further decline in the equity markets. The fundamental backdrop seems tilted firmly in favour of the USD bulls and supports prospects for additional losses for the NZD/USD pair.
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