The NZD/USD pair ticks lower during the Asian session on Tuesday and erodes a part of the previous day's positive move, though lacks follow-through.
A combination of factors exerts some pressure on NZD/USD during the Asian session. Hawkish Fed expectations and Elevated US bond yields help revive the USD demand. The disappointing Chinese PMIs further contribute to the modest intraday downtick. Spot prices remain on the defensive below mid-0.5800s and react little to the disappointing release of Chinese PMI prints.
The US central bank is scheduled to announce its decision on Wednesday and is widely expected to maintain the status quo. The US economic resilience, along with still sticky inflation, however, keeps the door open for one more rate-hike by the end of this year.
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