The NZD/USD pair gains strong positive traction on the first day of a new week and rallies to over a two-week high, around the 0.5980-0.5985 region during the Asian session.
NZD/USD attracts fresh buyers on Monday and advances to over a two-week high. A positive risk tone undermines the Greenback and benefits the risk-sensitive Kiwi. Hawkish Fed expectations should limit the USD losses and cap the upside for the pair. Against the backdrop of receding fears of an Israel-Iran war, the latest optimism over Israel-Hamas peace talks in Cairo boosts investors' appetite for riskier assets.
The hawkish outlook, meanwhile, remains supportive of elevated US Treasury bond yields and supports prospects for the emergence of some USD dip-buying, warranting some caution before positioning for any further appreciating move for the NZD/USD pair. Traders might also prefer to wait on the sidelines ahead of the crucial two-day FOMC monetary policy meeting starting on Tuesday.
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