NZD/USD retreats towards 0.6350 with eyes on Fed Chair Powell – by anilpanchal7 NZDUSD RiskAppetite Fed Inflation Currencies
highest level in three weeks as headlines surrounding China and the US data helped the NZD/USD bulls. However, recent comments from the Fed officials and the cautious mood ahead of this week’s key data and events seem to challenge the pair buyers.for December, raised speculations that the Federal Reserve finally has an upper hand in taming inflation, suggesting a pause to aggressive rate hikes, which in turn propelled NZD/USD prices.
However, hawkish comments from the Fed policymakers seemed to have challenged the NZD/USD traders. On Monday, Atlanta Federal Reserve bank president Raphael Bostic said that it is ''fair to say that the Fed is willing to overshoot.'' On the same line, San Francisco Additionally, the of New York's monthly Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation declined to 5% in December from 5.2% prior.
Amid these plays, the US 10-year Treasury yields dropped five basis points to 3.51% while printing the three-day downtrend whereas Wall Street closed mixed. Moving on, the economic calendar appears light ahead of Thursday’s US Consumer Price Index for December. However, today’s Fed Chairman Jerome Powell’s speech will be crucial for the NZD/USD traders to watch for clear directions amid receding hawkish bias for the Fed. Should Powell refrains from conveying hawkish bias, the NZD/USD could refresh the multi-day high.Despite the recent pullback, the NZD/USD pair’s capacity to stay beyond the 21-DMA support of 0.6330 keeps buyers hopeful.
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