NZD/USD under pressure into the closing bell on Wall Street By ross_burland NZDUSD Equities Fed DollarIndex
The US dollar remains in the driver's seat as the US yields rally again. was pressured into the final stages of Wall Street trade on Tuesday. At 0.6730, the bird is losing flight from a high of 0.6763 and trades close to the day's lows, 0.6720. The US dollar was on fire this week, and the DXY index is up for the fourth straight day, marking a fresh cycle high near 101.023.
''The Kiwi tried to rally yesterday as local rates moved up and markets digested Governor Orr’s frank and on balance, hawkish speech yesterday morning,'' analysts at ANZ Bank said. ''Having held key support , it looked like the Kiwi’s four-day losing streak might end. However, it is now back at that key level amid a surge in US bond yields and a fall in milk prices at last night’s GDT auction. But the big threat seems to be that the local market is fully priced, but that’s not the case elsewhere.''Meanwhile, US rates have made a further push higher on Monday-Tuesday as the Fed's Jim Bullard didn't rule out a 75bps hike by the Fed.
''With inflation expectations remaining fairly steady, the real 10-year yield traded near -0.04% today, the highest since March 2020 and poised to move into positive territory for the first time since the pandemic began,'' analysts at Brown Brothers Harriman explained. ''The 2-year is still lagging a bit but traded at 2.47% today, not yet matching the 2.60% cycle high from earlier this month but still on track to test the November 2018 high near 2.97%.
Bullard reiterated that he wants to quickly get rates up to 3.5%, noting, “You can’t do it all at once, but I think it behoves us to get to that level by the end of the year.” , Chicago Fed President, spoke on Tuesday and said that there is good reason to think the US economy will do very well even as rates rise. He added that the Fed needs to be mindful of a possible wage-price spiral when noting that Fed needs to monitor this.
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