NZD/USD marches toward 0.6500 with eyes on New Zealand inflation, US Q4 GDP – by anilpanchal7 NZDUSD RiskAppetite GDP Inflation Currencies
due to the absence of Federal Reserve policymakers’ speech during this week. It’s worth noting that the Chinese Lunar New Year holidays restrict the Kiwi pair’s run-up while hopes of having a strong contestant to replace Jacinda Ardern as New Zealand’s Prime Minister seem to favor the pair buyers.officials were hawkish ahead of the two-week-long pre-FOMC blackout period.
It should be noted that the downbeat US data and easing inflation woes underpinned the market’s expectations of softer rate hikes from the Fed, as well as the nearness to the policy pivot, which in turn weighed on. That said, the greenback’s gauge versus the six major currencies dropped during the last two consecutive weeks.
Elsewhere, NZ PM Jacinda Ardern has already announced her departure and hence the government is on the run to find a suitable candidate who matches Ardern’s political aura. As per the latest update from Reuters, the ruling Labour Party chose former COVID minister Chris Hipkins on Sunday to replace the charismatic Jacinda Ardern as its new leader, and become the next prime minister of the country.
Hence, softer USD and political optimism at home could allow the Kiwi pair to remain firmer. However, a one-week-long Lunar New Year holiday in China might limit the NZD/USD pair’s immediate moves.
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