NZD/USD renews daily high above 0.6300 as NZ Budget appears optimistic By anilpanchal7 NZDUSD FiscalPolicy RiskAppetite Inflation Growth
“Economy expected to be robust in the near term,” said New Zealand Finance Minister Grant Robertson presents the annual budget. The office also expects “a budget deficit of NZ$18.978 billion for the fiscal year ending June 30, narrower than a deficit of NZ$20.844 billion forecast in its half-year fiscal update in December,” per Reuters. The update also expect Operating Balance Before Gains, Losses to return to surplus in 2024-25.
Amid these plays, US 10-year Treasury yields regain the 2.90% level after declining 11 basis points to 2.88% the previous day. Even so, the S&P 500 Futures drop 0.50% and theMoving on, NZD/USD traders will pay attention to the risk catalyst and second-tier housing/activity numbers from the US for fresh impulse. Overall, the bears are likely to keep the reins.NZD/USD pair’s inability to cross one-week-old horizontal resistance near 0.
Alternatively, bears remain directed towards the area comprising the monthly low, also the lowest levels since 2020, around 0.6225-15.
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