The NZD/USD has refused to capitalize on the post-RBNZ gains; thus, the currency pair witnessed an intraday turnaround from the 0.6385 area after the release of the Reserve Bank of New Zealand (RBNZ) policy decision. The prices have been spotted at a low for the third successive day on Wednesday and have dropped to a week low, around the 0.6300 mark during the early European session.
The RBNZ has announced a 50basis point rate hike for the fourth time in a row and stated its decision to tighten the rate hike. The immediate market reaction was temporary due to the cautious mood took on.
The market remains cautious because of the concerns about the global economic turndown, heightened by the Chinese data release yesterday. The bullish trend of the USD is a factor to consider.
Despite the hawkish remarks of the Fed officials and the tightening rate hikes, US bond yields remain elevated and underpin the buck ahead of FOMC minutes; the USD stands tall.
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