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Market News NZD/USD Re-Establishes Daily High At 0.6230 As US Banking Difficulties Resurface And US NFP Is Eyed

NZD/USD Re-Establishes Daily High At 0.6230 As US Banking Difficulties Resurface And US NFP Is Eyed

The NZD/USD reached a new daily high of 0.6225 as concerns of a US banking crisis resurfaced. US Treasury yields have been significantly impacted by rising expectations that the Fed has attained its terminal rate. The Caixin Manufacturing PMI is anticipated to increase to 50.3 from the previous reading of 50.0.

TOP1Markets Analyst

2023-05-04

9871

NZD:USD.png

During the Asian session, the NZD/USD pair reached a new daily high of 0.6225. In light of the Federal Reserve's (Fed) consideration of a neutral policy posture for its June monetary policy, the New Zealand dollar's upside potential is robust.

S&P500 futures have recouped some of the losses posted in early Asia, indicating a modest recovery in market participants' risk appetite; nevertheless, the overall market sentiment remains cautious. After testing Wednesday's low of 101.07, the US Dollar Index (DXY) has shown some resistance. Rising expectations that the Fed has attained its terminal rate have weighed heavily on US Treasury yields for the time being. The yields on 10-year US Treasury bonds have fallen to 3.33 percent.

More than 17% of investors, according to the CME Fedwatch instrument, anticipate a rate cut in June monetary policy. The anticipation of a rate cut by Fed chair Jerome Powell has halted the resurgence of US banking difficulties. According to Bloomberg, PacWest Bancorp is contemplating various strategic options, including a possible sale.

In addition, Fed Powell stated that, should a recession occur, it will be moderate, which indicates that the growth rate is anticipated to contract further. In addition, the Manufacturing PMI has consistently declined over the past six months due to firms' underutilization of overall capacity and the gloomy economic outlook.

On the front of the New Zealand Dollar, investors await the Caixin Manufacturing PMI data. The economic data is expected to increase to 50.3 from 50.0, according to the consensus. Notably, New Zealand is one of China's primary trading partners, and the New Zealand Dollar will benefit from China's increased manufacturing activity.