NZD/USD remains depressed below 0.6200 mark, positive risk tone could limit losses – by hareshmenghani NZDUSD RiskAppetite Fed Bonds Currencies
st half of the European session. The pair currently trades just below the 0.6200 mark and seems poised to extend the pullback from the vicinity of the 0.6300 round figure, or its highest level since February 16 touched last Thursday.
A combination of factors fails to assist the US Dollar to build on its recent recovery move from a multi-week low and lends some support to the NZD/USD pair. News that First Citizens Bank & Trust Company will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation calm market nerves about the contagion risk.
Easing fears of a full-blown banking crisis, meanwhile, leads to a further strong follow-through recovery in the US Treasury bond yields. Apart from this, Russian President Vladimir Putin's decision to place tactical nuclear weapons in Belarus acts as a tailwind for the Greenback and keeps a lid on any meaningful upside for the risk-sensitive, at least for the time being. This, in turn, warrants some caution for the NZD/USD bulls.
There isn't any relevant market-moving economic data due for release from the US on Monday, leaving the USD at the mercy of the US bond yields. Apart from this, the broader risk sentiment might influence the safe-haven Greenback and provide some impetus to the NZD/USD pair. The market focus, however, will remain glued to the release of the Fed's preferred inflation gauge, the Core PCE Price Index, due on Friday.
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