The NZD/USD pair oscillates in a narrow trading band during the Asian session on Tuesday and consolidates its recent losses to the lowest level since November 14 touched the previous day.
NZD/USD remains on the defensive near its lowest level since November amid a bullish USD. Reduced bets for a June Fed rate cut and the risk-off mood lifts the USD to a multi-week top. Traders now look to the US macro data and speeches by Fed officials for short-term impetus. Spot prices hold steady around mid-0.5900s and seem vulnerable to prolonging a multi-week-old descending trend.
The NZD/USD pair, meanwhile, fails to gain any respite from the Reserve Bank of New Zealand Governor Adrian Orr's comments, saying that the MPC remains laser-focused on its job to control inflation. Orr added that the central bank is on track to getting inflation back into the target band. Market participants now look to the US economic docket – featuring the release of JOLTS Job Openings and Factory Orders – for some impetus later during the early North American session.
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