e Banking Committee on his renomination bid. At the time of writing, the NZD/USD is trading at 0.6790.improved since the beginning of Chair Powell’s hearing, with US equity indices gaining between 0.15% and 1.01%. In the meantime, the US dollar shed its weekly gains, down 0.28%, sitting at 95.718.
In the bond market, US Treasuries fall, with the 10-year T-bond note fall to 1.768%, a headwind for the greenback.Federal Reserve Chief Jerome Powell said earlier at his appearance at the US Senate Banking Committee that the US central bank would use its tools to get inflation to the bank’s target. Powell said that “If we have to raise interest rates more over time, we will.
An absent New Zealand economic docket left the NZD/USD pair leaning on US Fed speaking and market sentiment dynamics.said he penciled three hikes on December’s meeting on Tuesday. Furthermore, coincided with his colleagues, Cleveland and Kansas City presidents Loretta Mester and Esther George, respectively, that the balance sheet should be reduced sooner than later.is neutral-downward biased. The 4-hour simple moving averages with a bearish slope, confluence around the 0.
In the event of breaking above the area mentioned above, NZD bulls would challenge the 0.6800 figure, which once broken would expose the January 5 daily high at 0.6837, followed by 50-DMA at 0.6872. On the flip side, the NZD/USD pair’s first line of defense would be the 0.6700 figure. A break under that figure exerts downward pressure on the pair. The following support would be October 2020 cycle lows around 0.6553.
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