NZDUSD aims to test 0.6200 amid escalating hawkish RBNZ bets – by Sagar_Dua24 NZDUSD RBNZ PBOC Fed Inflation
and his teammates. The Federal Reserve is developing strategies to bring a slowdown in the overall demand so that manufacturers and service providers would leave with no incentive of keeping price growth stable or higher. Also, sustainability in demand for durable goods in times of accelerating interest rates is exposing the economy to economic turmoil. Households are banking upon higher interest obligations led by restrictive monetary policy by the Federal Reserve.
In case of a better-than-expected release of the US Durable Goods Orders data, the Federal Reserve will be required to continue its bigger rate hike regime. This may support the US Dollar to register more gains ahead.To tackle the historic surge in inflationary pressures, the Reserve Bank of New Zealand is continuously hiking its Official Cash Rate . Reserve Bank of New Zealand Governor Adrian Orr has already announced five consecutive 50 basis points rate hikes to 3.
The move could strengthen the New Zealand Dollar ahead but will leave less room for more rate hikes by the Reserve Bank of New Zealand. Also, this will shift more responsibilities on economic dynamics to play ahead.Easing in Covid-19 restrictions in China has not started yet and the numbers of infections are sky-rocketing.
Investors should be aware of the fact that New Zealand is a leading trading partner of China and an expansionary monetary policy by the People’s Bank of China will strengthen New Zealand Dollar bulls ahead.NZDUSD is attempting to cross the supply zone placed in a narrow range of 0.6163-0.6200 on a daily scale. The 20-and 50-period Exponential Moving Averages have delivered a bullish cross around 0.5880, which adds to the upside filters. While the 200-period EMA at 0.
The Relative Strength Index has shifted into the bullish range of 60.00-80.00, which indicates that bullish momentum has been activated.
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