NZD/USD Moves Closer to 0.6250 Due to Improvement in Risk Appetite

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NZD/USD showed a good correction after it dipped to 0.6196 towards the end of the American trading period. A correction of good market feeling supported the base currency: NZD. In addition, perceived uncertainty surrounding the Federal Reserve Rate hike declaration died down. Consequently, this has caused traders and investors to start providing more liquidity to the NZD/USD market.

Also, A federal Reserve monitoring tool detects the probability of the Fed declaring a 75 bps to be 99%. Factoring in the recent poor performance of the Dollar index: DXY, market players are not mindful of a significant rise in the rate hike.

NZD/USD Moves Closer to 0.6250 Due to Improvement in Risk Appetite, Fed Policy Focused On

More NZD/USD Price Dictating Factors
Also, the Dollar Index is dipping to the base of 105.00 following its getting to new 19-year height of 105.65. The basics in the American economy remain constant, as price forces keep speeding up rapidly. As a result, a directional change in the DXY shouldn’t be thought of as a downtrend in the market. As a result, this will affect the NZD/USD price.

On the NZD side, investors are anticipating the publication of the New Zealand PMI: Purchasing Manager Index, coming up on Friday. Furthermore, the New Zealand PMI is forecasted to be at 52.7, which is higher than the previous 51.2. An even better than the anticipated  PMI reading will be good for the NZ, while a milder one will draw bids to in the NZD/USD market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.