NZD/USD trades with modest losses around 0.6330 area, downside seems cushioned – by hareshmenghani NZDUSD Bonds Fed Inflation Currencies
. The pair remains on the defensive through the early European session and is currently placed around the 0.6335-0.6330 region, though any meaningful downfall still seems elusive.
The overnight sharp rally in the US Treasury bond yields continues to lend some support to the US Dollar , which, in turn, is seen as a key factor acting as a headwind for the NZD/USD pair. The Federal Reserve's quarterly Senior Loan Officer Opinion Survey released on Monday showed that tightening credit conditions for US businesses and households was due to the aggressive rate hikes rather than severe banking sector stress.
The upside for the USD, however, remains capped in the wake of a less hawkish stance adopted by the Fed. It is worth recalling that the US central bank last week outlined a more stringent, data-driven approach to raisingfurther and opened the door for an imminent pause in its year-long rate-hiking cycle. Moreover, the markets have also started pricing in the possibility that the Fed will begin cutting rates in the second half of this year.
Traders might also refrain from placing aggressive bets and prefer to wait for the release of the latest US consumer inflation figures on Wednesday. The crucial US CPI report will influence market expectations about the Fed's next policy move, which, in turn, will play a key role in driving the near-term USD demand and help determine the next leg of a directional move for the NZD/USD pair.
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