The NZD/USD pair attracts some follow-through buying for the sixth successive day on Wednesday and climbs to a one-month high, just above mid-0.6000s
NZD/USD touches a one-month peak on Wednesday and is supported by a softer USD. Reduced bets for more rate hike by the Fed and a positive risk tone weighs on the buck. Investors now look to the US PPI and the FOMC minutes for some meaningful impetus. during the Asian session. The US Dollar remains on the defensive in the wake of reduced bets for further interest rate hikes by the Federal Reserve , which, in turn, is seen as a key factor acting as a tailwind for the NZD/USD pair.
The markets are still pricing in the possibility of at least one more Fed rate hike move by the end of this year. This, along with concerns about escalating geopolitical tension in the Middle East, could help limit the downside for the USD and keep a lid on the major. Traders might also prefer to wait for the release of the US Producer Price Index and the FOMC monetary policy meeting minutes, due later during the North American session.
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