NZD/USD: Bears attack monthly support near 0.6750 on pre-Fed caution, coronavirus fears By anilpanchal7 NZDUSD RiskAppetite Fed Coronavirus YieldCurve
Downtick in US stock futures triggers latest weakness amid chatters over Fed action.Light calendar keeps sellers hopeful ahead of next week’s FOMC.remains on the back foot around the monthly support line, recently refreshing daily/weekly low near 0.6750 amid Friday’s Asian session.
The kiwi pair failed to cheer the broad US dollar weakness, as well as positive signals from the largest trading partners like Australia and China the previous day. The quote also recently ignores upbeat headlines and mixed data that may have helped Antipodeans as equity futures begin the day on a back foot.
That said, New Zealand’s Business NZ PMI for December eased to 53.7 versus 56.0 expected and 50.6 prior. Further, Visitor Arrivals YoY for November improved to +3.8% from -27.3%.futures, headlines from the NZ Herald seem to have weighed down the NZD/USD prices of late.
Additionally, the US Jobless Claims jumped to the highest since late October and the Philadelphia Fed Manufacturing Survey details also improved for January, which in turn eased inflation fears and dragged the US Treasury yields as well as theElsewhere, US Treasury Secretary Yellen recently said in the CNBC interview that Inflation rose by more than most economists, including me, expected and of course, it's our responsibility with theto address that. And we will.
Amid these plays, the US 10-year Treasury yields posted a second consecutive daily loss, down four basis points to 1.79% at the latest, whereas the S&P 500 Future dropped 0.30% intraday by the press time., the pair traders are likely to extend the losses as pre-Fed fears grow during an absence of any major data/events on Friday.Although sustained trading below the 21-DMA level of 0.6800 keeps NZD/USD bears hopeful, a clear downside break of an ascending trend line from December 20, near 0.
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