NZD/USD keeps Fed Chair Powell-inflicted losses at multi-day low near 0.6100 – by anilpanchal7 NZDUSD Fed China Employment RiskAppetite
China-linked news, lack of major data/events allow Kiwi bears to take a breather.stays defensive around the 0.6100 round figure during early Wednesday, following a slump to the lowest levels in more than three months. In doing so, the Kiwi pair portrays the market’s habit of reassessing the previous catalysts amid a light calendar, as well as ahead of the key data/events.
Apart from the price positioning and pre-data anxiety, the Kiwi pair’s latest inaction could also be linked to the risk-positive headlines surrounding China as the US removes testing restrictions on travelers from the dragon nation. However, the hawkish Fed concerns and the fears of the Sino-American tension over the US-Taiwan meeting seem to keep the bears hopeful.
That said, the Kiwi pair marked the biggest daily slump in five weeks the previous day after Federal Reserve surprised traders on Tuesday by showing readiness for more rate hikes and bolstered the bets of a 50 bps Fed rate hike in March. The policymaker propelled the “higher for longer” Fed rate expectations and bolstered the US Treasury bond yields while weighing on the equities.
Moving forward, risk catalysts may entertain NZD/USD traders but major attention will be given to Fed Chair Powell’s second round of testimony and the US ADP Employment Change, the early signal for Friday’s US Nonfarm Payrolls , for clear directions.The first daily closing below the 200-DMA in more three months directs NZD/USD towards late November 2022 bottom surrounding 0.6060.
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