NZD/USD trims a part of RBNZ-inspired gains, still well bid around mid-0.6300s – by hareshmenghani NZDUSD RBNZ Bonds Fed Currencies
NZD/USD jumps to over a two-month high in reaction to the RBNZ’s surprise 50 bps rate hike.The fundamental backdrop favours bullish traders and supports prospects for additional gains.
The NZD/USD pair builds on this week's bullish breakout through a technically significant 200-day Simple Moving Averages and climbs to its highest level since February 14 on Wednesday. Spot prices, however, trim a part of the strong intraday gains and trade around mid-0.6300s during the early European session, still up over 0.50% for the day.
As investors digest the Reserve Bank of New Zealand's surprise 50 bps rate hike, a modest US Dollar rebound from over a two-month low turns out to be a key factor acting as a headwind for the NZD/USD pair. The US Treasury bond yields edge higher following the overnight steep decline, which, along with the cautious market mood, lends some support to the safe-haven buck.
In fact, the current market pricing indicates an even chance of a 25 bps lift-off at the May FOMC meeting and the possibility of rate cuts by end-December. The bets were reaffirmed by the weaker US macro data on Tuesday, which showed that job openings in February dropped to the lowest in nearly two years. This was seen as a sign that the Fed's efforts to slow the labor market may be having some impact.
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