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NZDUSD overview 06.07.2021

NZDUSD rises on rate hike expectations.

NZDUSD under the strongly bullish pressure today on widespread bullish new Zealand dollar sentiment after an unusually strong survey of business conditions prompted investors to bet a rate hike could come as early as November. The pair is also driven up by dollar’s weakness as investors waited for clues about when the U.S. Federal Reserve could start tapering stimulus after pressure for rate hikes eased due to mixed labour market data released recently. The minutes from the Federal Reserve’s meeting in June, when it surprised markets with a hawkish shift, are due to be published on Wednesday.

Expect buyers on downward corrections.

Next resistance to watch – 0.7120

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