The pair struggled to capitalize on its attempted recovery move from its lowest level since June 2020 touched earlier this Friday and met with a fresh supply near the 0.6260 region. The risk-on impulse in the markets, along with the prospects for a more aggressive policy tightening by the Fed, allowed the US Treasury bond yields to make a solid comeback.
Despite the aforementioned factors, traders seemed reluctant to place aggressive bearish bets around the NZD/USD pair amid extremely oversold conditions on short-term charts. Nevertheless, the major remains on track to post heavy losses for the second successive week and record its lowest weekly close since May 2020. Next on tap will be the release of the prelim US Michigan Consumer Sentiment Index, which might provide some impetus and allow traders to grab short-term opportunities.
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Source: FXStreetNews - 🏆 14. / 72 Read more »