NZD/USD rests near the lows of the day – by fx_ross NZDUSD Fed RBNZ
is back to flat on the day while the price ranged between a low of 0.5624 and a high of 0.5721. The bird is a high beta currency and is being dictated by the stock markets in the absence of domestic data.after hitting fresh 2022 lows in midday trade. US data was showing that consumer confidence was growing above expectations and new-home sales logged an unexpected rise. Elsewhere, Fed speakers were the driver. St.
The benchmark S&P 500 erased gains of up to 1.7% by early afternoon trading to hit lows last seen in late November 2020 and was down some 0.2% by the close. The US dollar, as measured by the DXY index, is back to trading in the 114 area but is currently under pressure below the highs of the day of 114.47.
In terms of the kiwi, ''as to where we go from here – sentiment seems split two ways – with some saying this is an extreme move that will be unwound, and others saying that the rampant inflation/fiscal unsustainability “tinderbox” of market discontent was just waiting for a spark, and recent moves reflect markets belatedly re-pricing risk,'' analysts at ANZ Bank said.
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