The NZD/USD pair attracts some dip-buying during the Asian session on Wednesday and might now be looking to build on the overnight recovery move from levels just below mid-0.5900s, or the YTD low.
NZD/USD reverses an Asian session dip and turns positive for the second straight day. The USD retreats further from a multi-month peak set on Tuesday and lends support. Reduced June Fed rate cut bets and a softer risk tone should help limit the USD losses. Spot prices currently trade near the top end of the daily range, around the 0.5970-0.5975region, and remain at the mercy of the US Dollar price dynamics.
Meanwhile, the shift in expectations pushed the yield on the benchmark 10-year US government bond to a four-month high. This, along with a generally weaker tone around the equity markets, supports prospects for the emergence of some dip-buying around the safe-haven buck and caps the upside for the risk-sensitive Kiwi. Hence, it will be prudent to wait for strong follow-through buying before confirming that the NZD/USD pair has bottomed out.
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