NZD/USD struggles to capitalize on intraday recovery from YTD low, remains below 0.6000 – by hareshmenghani NZDUSD RiskAppetite China Fed Currencies
hits a fresh daily peak during the early European session. Spot prices currently trade just below the 0.600 psychological mark, up nearly 0.10% for the day, and for now, seem to have snapped a four-day-losing streak, though any meaningful appreciating move still seems elusive.
In the absence of any fresh fundamental catalyst, a positive opening across the European equity markets prompts some profit-taking around the safe-haven US Dollar and turns out to be a key factor that benefits the risk-sensitive Kiwi. That said, growing worries about the worsening economic conditions in China and geopolitical risks might keep a lid on any optimism.
Investors seem convinced that the US central bank will stick to its hawkish stance and the bets were reaffirmed by the US PPI on Friday, which rose slightly more than expected in July. This comes on the back of a moderate rise in consumer prices in July and suggests that the battle to bring inflation back to the Fed's 2% target is far from being won, leaving the door for one more 25 bps lift-off by the end of this year wide open.
Traders might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of important Chinese macro data, due for release during the Asian session on Tuesday. The focus will then shift to the Reserve Bank of New Zealand
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