forex.pm forex forum binary options trade - Forex - New Zealand dollar edges higher
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

New Zealand dollar edges higher

Started by PocketOption, Mar 04, 2022, 08:29 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

PocketOption

New Zealand dollar edges higher

FacebookTwitterEmail

The New Zealand dollar has posted small gains on Thursday, as NZD/USD has pushed above the 0.68 line in the North American session.


New Zealand is hugely dependent on its export industry, and the Covid pandemic has taken its toll on exports, as global demand has fallen. However, with the worst of Covid hopefully behind us, global demand has picked up, which bodes well for New Zealand’s economy. The ANZ Commodity Price Index climbed 3.9% in February, its strongest gain since March 2021.


The war in e has intensified, with fierce fighting reported near e’s major cities as the number of refugees fleeing from e has hit one million. Western countries has imposed severe sanctions on Moscow as relations between East and West have plummeted. n and ian officials will hold talks later today, which has raised risk sentiment and kept the New Zealand dollar in positive territory. NZD/USD has been on an impressive roll, posting four straight winning weeks and has gained close to 1 per cent this week. So far at least, the panic in the financial markets has not weighed on the New Zealand dollar, which is sensitive to risk.


Powell commits to rate hike in March


The Fed is again on center stage, as Chair Jerome Powell testified on the Hill on Wednesday and will appear before lawmakers today as well. There had been some speculation that the war in e might force the Fed to delay a rate hike, but Powell removed any such doubts in his testimony, stating that the hike would go ahead as planned. Powell’s comments suggested that the Fed will stick with the traditional 25-bps move rather than a massive half-point hike. The confirmation of a rate hike by Powell boosted US Treasury yields, and currently the 10-year yield is at 1.85%.


.


NZD/USD Technical



  • There is resistance at 0.6826 and 0.6908

  • NZD/USD has support at 0.6647 and 0.6550



Source: New Zealand dollar edges higher