NZD/USD: 0.5904 support now very close and “pulling” like gravity – ANZ
|Kiwi still has a 0.59 handle. Economists at ANZ Bank analyze NZD/USD outlook.
USD strength and slower China growth remain the main FX global themes
USD strength and higher bond yields remain the key themes/drivers, and the DXY has now completely recouped its July losses (when everyone sold it on the premise that the Fed was done, and the US might roll over). Instead, US data remains resilient and softer Chinese growth raises questions about AU and NZ export demand.
Near term we remain focussed on technicals, with 0.5904 support (the 61.8% Fibo of the 2022 rally from 0.5512 to 0.6538) now very close, and ‘pulling’ like gravity.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.