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NZD/USD holds recovery to 0.5900, strong US Dollar limits upside

Source Fxstreet

NZD/USD recaptures 0.5900 as the RBNZ is expected to pivot to rate cuts after the Fed.
The USD Index moves higher as the strong US economic outlook allows the Fed to maintain interest rates higher.
Fed Bostic expects that conditions for rate cuts won’t be favorable towards the end of the year.

The NZD/USD pair holds onto gains around 0.5900 in Monday’s early American session. The Kiwi asset clings to gains as ebbing risks of widening Middle East conflict has improved demand for Asian currencies.

The market sentiment turns upbeat after Iran said they are not planning any immediate retaliation to the limited attack of Israel on Isfahan. No further escalation in the conflict between Iran and Israel has dented bullions' demand.

The S&P 500 opens on a positive note, exhibiting improved risk appetite among market participants. 10-year US Treasury yields jump to 4.64% as Federal Reserve (Fed) policymakers argue that the current restrictive monetary policy framework is appropriate given strong labor demand and stubbornly higher price pressures.

The US Dollar Index (DXY) jumps to 106.30 as the strong United States economic outlook due to robust consumer spending and tight labor market conditions have made Fed policymakers comfortable with interest rates remaining at their current levels.

Last week, Atlanta Fed President Raphael Bostic said the progress in inflation declining towards the 2% target will be slower than expected, and conditions for rate cuts won’t be favorable for the central bank towards the end of the year. Bostic added he is comfortable being patient and not madly rushing for rate cuts because labor demand is robust and wage growth remains resilient.

European FX is underperforming against the US Dollar due to expectations that the Bank of England (BoE) and the European Central Bank (ECB) will pivot to rate cutes earlier than the Fed. The Reserve Bank of Australia (RBA) and Reserve Bank of New Zealand (RBNZ) are expected to reduce interest rates later than the Fed. Traders are pricing in the November meeting when the RBNZ will start lowering borrowing rates, and no rate cuts are expected by the RBA this year.

NZD/USD

Overview
Today last price	0.5901
Today Daily Change	0.0016
Today Daily Change %	0.27
Today daily open	0.5885

Trends
Daily SMA20	0.5973
Daily SMA50	0.6062
Daily SMA100	0.6123
Daily SMA200	0.6055

Levels
Previous Daily High	0.5907
Previous Daily Low	0.5851
Previous Weekly High	0.5954
Previous Weekly Low	0.5851
Previous Monthly High	0.6218
Previous Monthly Low	0.5956
Daily Fibonacci 38.2%	0.5873
Daily Fibonacci 61.8%	0.5886
Daily Pivot Point S1	0.5855
Daily Pivot Point S2	0.5825
Daily Pivot Point S3	0.5799
Daily Pivot Point R1	0.5911
Daily Pivot Point R2	0.5937
Daily Pivot Point R3	0.5967

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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