The NZD/USD pair struggles to capitalize on the overnight late rebound from the 0.5910 area, or the weekly low and remains on the defensive through the Asian session on Wednesday.
NZD/USD draws some support from subdued USD demand, through lack follow-through. A positive risk tone, along with a further decline in the US bond yields, undermines the USD. The uncertainty over the Fed’s rate hike path holds back traders from placing directional bets. Investors also seem reluctant ahead of Fed Chair Jerome Powell’s speech later this Wednesday. Spot prices currently trade around the 0.5930 region and seem vulnerable to extending this week's rejection slide from the 0.
That said, a slew of Fed officials this week acknowledged the US economic resilience and left the door open for additional rate hikes. Hence, Fed Chair Jerome Powell's speech will be looked for hints about the next policy move, which will drive the USD demand.
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