NZD/USD Upward Trend Starts Just as the Downward Trend Ends

Updated:

The pair value is at a recognized support level as traders expects new promoters.

New Zealand dollar versus the US dollar is in a flat location during a calm Asian session, as it is being sold and bought at 0.6945 after moving from 0.6945 to 0.6937 and then back to 0.6945. There is no value promoter until the New York session FOMC’s minutes, though Chinese data will be focused on.

More on the Actuating Factors
In a short time, it was the US dollar and Yields story. Fed’s Governor Brainard scared the market as she spoke about possible aggressive steps by the Federal Reserve and expected interest rate hike favoring minutes on Thursday.

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As a result, US Treasury Yield rose to many years high and the dollar index (DXY) rose testing 99.50 to record a new high of 99.49 for this year.

At the same time, the Federal Reserve started the process of normalizing policy by revoking 25 base points rates to between 0.25 percent and 0.50 percent during March’s meeting today.

“The Federal Open Market Committee took no hawkish actions in its policy guidance, as Chairman Powell giving a hint about the Quater plan which will be written in the minutes (Likely containing caps technicalities )”.

Up next is the Chinese data. An analyst from Westpac said “The March’s Caixin stroke Markit services PMI ought to reveal a lack of strength in the sector due to low demand and high input cost,”

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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.