NZD/USD continues the winning streak that began on Wednesday, trading in the positive territory near 0.6030 during the Early Asian session on Tuesday.
NZD/USD trades higher due to the pullback in the US Dollar. The Mid-East tension seems to be short-lived; diminishing the safe haven appeal of Greenback. Fed’s remarks prompted investors to downplay the probability of additional rate hikes. The pair is receiving upward support as the US Dollar continues to move on a downward path.
This event has the potential to act as a fresh catalyst, guiding the direction of the Kiwi pair. On the other side, the Reserve Bank of New Zealand opted to maintain the Official Cash Rate at 5.5% in its monetary policy meeting on Wednesday, in line with widely anticipated predictions. The central bank expressed agreement that interest rates might need to be maintained at a restrictive level for an extended period, as highlighted in the RBNZ statement.
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