NZD/USD sticks to strong intraday gains around 0.6300 mark amid fresh USD selling – by hareshmenghani NZDUSD Fed RBNZ RiskAppetite Currencies
NZD/USD regains positive traction on Thursday and snaps a four-day losing streak to a one-week low.China's economic woes, US-China tensions and geopolitical risk might cap the risk-sensitive Kiwi.pair builds on the overnight bounce from a one-week low and gains strong positive traction during the Asian session on Thursday. Spot prices jump to a fresh daily high, around the 0.
Moreover, the yearly rate decelerated less than expected to 6% during the reported period and forced investors to price in a more hawkish Reserve Bank of New Zealand . Apart from this, the underlying bullish sentiment around the global equity markets is seen as another factor benefitting the risk-sensitive Kiwi.
It is worth mentioning that Russia's defence ministry declared that any ships heading to Ukraine's Black Sea ports would be viewed as potential carriers of military cargo and party to the conflict from Thursday. This, in turn, warrants some caution for aggressive bullish traders and positioning for the resumption of the NZD/USD pair's strong recovery from the YTD low - levels just below the 0.6.000 psychological mark - touched in June.
Thursday's US economic docket features the usual Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales data, due later during the early North American session. This, along with the broader risk sentiment, will influence the USD price dynamics and produce short-term trading opportunities around the NZD/USD pair.
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