The NZD/USD pair kicks off the new week on a weaker note and drops to a multi-day trough during the Asian session, albeit finds some support near the 0.6100 round-figure mark.
NZD/USD remains depressed on Monday amid a modest USD strength. A softer risk tone contributes to the offered tone surrounding the pair. September Fed rate cut bets cap gains for the USD and lend support. Any meaningful recovery, however, still seems elusive in the wake of a modest US Dollar strength and the cautious market mood.
Market players, however, expect the beginning of the rate-cutting cycle early next year in the wake of the recent economic downturn. This, along with China's economic woes, warrants caution before positioning for any recovery for antipodean currencies, including the New Zealand Dollar . The aforementioned fundamental backdrop suggests that the path of least resistance for the NZD/USD pair is to the downside.
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