NZD/USD faces strong downward force amid surprising strong NFP figures

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• The NZD/USD showed a strong downward swing, falling near the 0.6060 level.
• US Nonfarm Payrolls added 353K jobs in January surpassing by a wide margin the expectations.
• The bets of a rate cut in March sharply declined and markets pushed the start of the easing to May.

In Friday’s trading session, the NZD/USD took a steep turn downwards, landing at a rough level of 0.6060. The pronounced downward trajectory resulted from a surprisingly strong US Nonfarm Payrolls report that pushed the pair into bearish domain as markets gave up the hopes of sooner rate cuts by the Federal Reserve (Fed). For the week, the pair closed a 0.40% weekly loss.