NZD/USD: Double Top and Price Drop.
Updated
NZD/USD falls to three-month lows, grinding near intraday lows.
NZD/USD bears hold the reigns at the lowest levels since November 2022, down half a percent near 0.6130 early Monday, as negative New Zealand (NZ) drivers clash with US Dollar demand.
However, NZ Retail Sales for the fourth quarter (Q4) fell -0.6% year on year, compared to 1.5% predicted and 0.4% previously.
According to Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway, "when interest rates rise, I expect consumption to slow."
Meanwhile, solid US inflation-linked data combined with Fed policymakers' support for higher rates to boost Fed fund futures above 5.30%, versus 5.10% forecast by the US central bank in December. The recent round of sanctions imposed by the West on Russia has heightened market fears of increased geopolitical tension, which has boosted demand for the US Dollar as a safe haven.
NZD/USD bears hold the reigns at the lowest levels since November 2022, down half a percent near 0.6130 early Monday, as negative New Zealand (NZ) drivers clash with US Dollar demand.
However, NZ Retail Sales for the fourth quarter (Q4) fell -0.6% year on year, compared to 1.5% predicted and 0.4% previously.
According to Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway, "when interest rates rise, I expect consumption to slow."
Meanwhile, solid US inflation-linked data combined with Fed policymakers' support for higher rates to boost Fed fund futures above 5.30%, versus 5.10% forecast by the US central bank in December. The recent round of sanctions imposed by the West on Russia has heightened market fears of increased geopolitical tension, which has boosted demand for the US Dollar as a safe haven.
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