NZDUSD rises on falling Treasury yields.
NZDUSD rising strongly today reflecting the improved global sentiment after strong demand at a U.S. bond auction led to a widespread drop in Treasury yields, reducing the interest rate advantage of the greenback in relation to the other major currencies. With December 2022 futures contracts signalling a slower rise in implied interest rates and the Fed’s resolve to keep policy on hold – further dollar losses are likely. The pair is also dragged up by the global impartment in risk sentiment – as seen via the riskier currencies kiwi and aussie – after a phone call between U.S. President Joe Biden and Russian President Vladimir Putin – which the Kremlin said is a proposal to normalise ties.
Expected buyers on downward corrections.
Next resistance to watch – 0.7156
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