NZD/USD directs NZ Employment-led fall towards 0.6200 on US-China tension, hawkish Fed rhetoric – by anilpanchal7 NZDUSD Employment Fed Recession China
’ risk-off mood, as well as hawkish comments from the US Federal Reserve policymakers. That said, New Zealand employment data for the second quarter drowned the pair earlier in the day.
New Zealand employment numbers for the second quarter raised concerns over the Reserve Bank of New Zealand’s hawkish mood and drowned the New Zealand Dollar on release. That said, NZ Unemployment Rate surprisingly grew to 3.3% versus 3.1% expected and 3.2% prior while the Employment Change dropped to 0.0% versus 0.4% market forecasts and 0.1% previous readings.
Elsewhere, St. Louis Federal Reserve President James Bullard rejected US recession fears while favoring the 50 basis points rate hike. Further, San Francisco Fed President Mary Daly said that she is looking for incoming data to decide if they can downshift the rate hikes or continues at the current pace, as reported by Reuters.
It should be noted that China’s recent warning to the US to not play with the Taiwan card and promises to punish Taipei independence supporters, as well as blocking natural sand exports to the Asian economy, seemed to magnify the risk-off mood and drowned the US dollar. The fears growth stronger tussles among the world’s top-two economies will have more negative consequences for the world amid recession fears.
Against this backdrop, the Wall Street benchmarks closed negative for the second consecutive day while the S&P 500 Futures print mild losses by the press time. It should be observed, however, that the US 10-year Treasury yields pause the previous day’s rebound from the four-month low and testLooking forward, monthly prints of China’s Caixin Services PMI could direct immediate NZD/USD moves ahead of the US Factory Orders for June and ISM Services PMI for July.
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