NZD/USD fails to capitalize on a weaker US Dollar and tumbles below the 200-DMA – by christianborjon NZDUSD Majors Currencies Macroeconomics
are about to finish the day in an upbeat mode, though the New Zealand Dollar is at the mercy of technical indicators. At the time of writing, the NZD/USD exchanges hands at 0.6248.With the looming US Federal Reserve monetary policy meeting, the markets could begin to trade sideways. Even though sentiment improved, the NZD could not capitalize, with markets focusing on Jerome Powell and Co. Therefore, the NZD/USD edged lower after printing a daily high of 0.6281.
Traders continued to digest the news that UBS bought Credit Suisse, which supposedly could stop the bank’s stock riot. Nonetheless, newswires reported that First Republic Bank stock halted for a ninth time in the day, with shares plunging 50% at one point before pairing losses, dropping 33%. In the meantime, the US Dollar Index, a gauge for the buck’s value against a basket of six currencies, losses 0.53%, at 103.312. Contrarily, US Treasury bond yields erased their earlier losses, with the 10-year bond yield gaining six basis points at 3.498%.
Aside from this, the New Zealand economic docket will feature the NZ Trade of Balance for February, with estimates at NZ $-1.450 B, less than the previous reading of NZ $-1.954B. Exports for January came at NZ $5.47B, while Imports were NZ $7.42 B. Another factor that could underpin the NZD is the Reserve Bank of Australia’s monetary policy.
On the US front, the docket will feature Existing Home Sales and the beginning of the two-day US Federal Reserve Open Market Committee monetary policy meeting
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