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NZD/USD hits fresh seven-week lows below 0.6100 after RBNZ's expected 50 bps rate cut
NZD/USD hits fresh seven-week lows near 0.6100 after the Reserve Bank of New Zealand (RBNZ) announced on Wednesday that it lowered the Official Cash Rate (OCR) by 50 basis points (bps) from 5.25% to 4.75%, leaving the door ajar for further rate cuts.
AUD/USD bounces to 0.6750 amid risk-on mood
AUD/USD is off three-week lows, trading near 0.6750 in Wednesday's Asian trading. The pair takes advantage of the risk-on mood and a pause in the US Dollar advance, as traders turn their attention to the Chinese stimulus prospects and the Fed Minutes for fresh trading impetus.
Gold price struggles to lure buyers amid smaller Fed rate cut bets
Gold price struggles to capitalize on the previous day's modest bounce from the vicinity of the $2,600 mark, during the Asian session on Wednesday. Traders have been scaling back their expectations for a more aggressive policy easing by the Fed, which continues to act as a tailwind for the USD and caps the upside for the non-yielding yellow metal.
Rising treasury yields attract Dollar interest
The Dollar Index has been on an upward trajectory since late September. Still, the currency market has been late in joining the move in US long-term bonds, where yields are rising following the Federal Reserve's decisive easing.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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