NZD/USD sticks to gains above 0.6200 amid modest USD pullback from two-week high – by hareshmenghani NZDUSD Recession Fed Majors Currencies
US DollarIn fact, the USD Index , which tracks the Greenback against a basket of currencies, snaps a five-day winning streak to a nearly two-week top and for now, seems to have stalled the recent recovery from its lowest level since April 2022 touched last week. In the absence of any fundamental trigger, the USD downtick could be solely attributed to some profit-taking and is likely to remain limited as traders keenly await cues on the Federal Reserve's future rate-hike path.
It is worth recalling that the markets have been pricing out the possibility of any further rate-hikes after the widely anticipated 25 bps lift-off at the end of a two-day FOMC policy meeting on Wednesday. Market participants, however, remain sceptic if the US central bank will commit to a more dovish policy stance or stick to itsfor a 50 bps rate hike by the end of this year. Hence, the focus will be on the accompanying policy statement and Fed Chair Jerome Powell's remarks.
The outlook will play a key role in influencing the near-term USD price dynamics and help determine the next leg of a directional move for the NZD/USD pair. In the meantime, worries about a global economic downturn, along with the worsening US-China relations and geopolitical risks, might continue to lend some support to the safe-haven Greenback and cap any meaningful upside for the risk-sensitive Kiwi. This, in turn, warrants some caution for aggressive bullish traders.
Heading into the key central bank event risk, Tuesday's release of the Conference Board's US Consumer Confidence Index and Richmond Manufacturing Index might provide some impetus to the
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