NZD/USD bulls test near 0.6800 but bears could be on the prowell – by fx_ross NZDUSD Currencies DollarIndex Fed RBNZ
The turn-around on Tuesday followed a three-day holiday weekend after last Friday's sharp rally, as investors waited fordue later this week. Nevertheless, the US bulls could be treading carefully in the wake of the greenback's surge to fresh bull cycle highs that marked up 106.79 in the DXY.
Minutes of the Federal Reserve's June meeting will also be eyed. ''Persistent high CPI inflation and nascent signs of de-anchoring inflation expectations forced the Fed to amp the pace of rate tightening. The meeting minutes are likely to offer further colour around the Fed's more hawkish reaction function,'' the analysts at TD Securities said.
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