- NZD/USD rallies to 0.5945, reversing from yearly lows, as US Job Openings fall short of expectations, reducing odds of a Fed rate hike in September.
- Conference Board data shows declining Consumer Confidence and rising inflation expectations, adding pressure on the US Dollar.
- Chinese authorities’ commitment to economic stimulus boosts the Antipodean currency as traders pare back bets on Fed tightening, reflected in CME FedWatch Tool odds dropping to 86.5%.
The New Zealand Dollar (NZD) rallied sharply against the US Dollar (USD) after weaker-than-expected labor market data, which could warrant the Fed to keep rates unchanged at the next meeting. Alongside Chinese authorities’ compromise to spur economic stimulus in the country bolstered the Antipodean. The NZD/USD is trading at 0.5945, at new three-day highs, after testing yearly lows of 0.5886.
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