NZD/USD steadily climbs back to 0.6500 mark amid weaker USD, US Q4 GDP in focus – by hareshmenghani NZDUSD Fed GDP RBNZ Currencies
n. The pair is currently placed just below the 0.6500 psychological mark, though the intraday uptick lacks bullish conviction.
The US Dollar remains depressed near an eight-month low amid firming expectations for a less aggressive policy tightening by the, which, in turn, is seen lending support to the NZD/USD pair. In fact, the markets seem convinced that the US central bank will soften its hawkish stance and have been pricing in a greater chance of a smaller 25 bps rate hike in February.
The upside for the NZD/USD pair, however, seems limited amid speculations that the Reserve Bank of New Zealand will slow the pace of its monetary tightening. In fact, investors trimmed their bets for jumbo rate hikes after data released on Wednesday showed that the annual inflation rate in New Zealand fell short of the RBNZ's 7.5% forecast and held steady at 7.2%.
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