- The NZD/USD reversed its course and fell towards 0.5930, after reaching a high of 0.5985.
- The US Dollar strengthened on the back of rising US yields after the Fed’s hawkish pause.
- The Fed kept rates at 5.25-5.50% as expected.
- The bank reduced projections of 100 bps of rate cuts in 2024 to 50 bps.
In Tuesday’s session, the NZD/USD saw volatility trading in the 0.5924 – 0.5985 and clearing all of its daily gains. The US Dollar recovered as the Federal Reserve (Fed) hinted at one more hike and pushed back rate cuts in 2024.
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