Trading news

NZD/USD lacking follow through momentum

The NZD/USD pair once again failed to sustain its strength above 0.7200 handle and retraced around 20-30 pips from session tops.

Currently trading around 0.7190-95 region, the pair held its neck above 100-day SMA amid persistent selling pressure surrounding the buck as investors continue to taper their expectations of aggressive fiscal stimulus measures by the new administration following Donald Trump's inaugural speech on Friday. Lack of details over Trump's economic policies triggered a sharp retracement in the US treasury bond yields and eventually was seen benefitting higher-yielding currencies - like the Kiwi.

However, a mild bounce-back in bond yields swung the pendulum mildly in favor of the greenback, with the key US Dollar Index consolidating its slide to 6-week lows, and contributing towards restricting the pair’s up-move just below over two-month high touched on Friday.

In absence of any fresh fundamental driver from the US economic docket, the pair remains at the mercy of the greenback and bond yields price-dynamics.

AG Markets Review

Monday, 23 Jan, 2017 / 4:30

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Source : https://www.ag-markets.com/news/

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