NZD/USD struggles below 0.5600 mark, lowest since March 2020 amid stronger USD – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
Aggressive Fed rate hike bets, a further rise in the US bond yields underpin the USD.The NZD/USD pair
In fact, the USD Index, which measures the greenback's performance against a basket of currencies, hits a fresh two-decade high amid expectations for a more aggressive policy tightening by the Fed. The bets were reaffirmed by the overnight hawkish remarks by Fed officials, which, in turn, allows the yield on the benchmark 10-year US government bond to stand tall near its highest level since April 2020.
The fundamental backdrop suggests that the path of least resistance for the NZD/USD pair is to the downside. That said, the extremely oversold RSI on short-term charts is holding back bearish traders from positioning for an extension of the depreciating move. This, in turn, seems to be the only factor offering some support to spot prices, at least for the time being.
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