The NZD/USD pair attracts some buyers near the 0.5960 region during the Asian session on Monday and fills a modest weekly bearish gap opening, albeit
NZD/USD fills a modest weekly bearish gap opening, though the upside potential seems limited. Geopolitical tensions benefit the safe-haven USD and act as a headwind for the risk-sensitive Kiwi. The uncertainty over the Fed’s rate-hike path caps the USD upside and lends support to the major. lacks follow-through. Spot prices remain below last week's swing high – levels beyond the 0.6000 psychological mark – and for now, seem to have snapped a three-day winning streak.
Additional details of the report, however, revealed that wage growth remained moderate during the reported month, easing inflationary concerns, which could allow the Fed to soften its hawkish stance. Hence, investors now look to the FOMC meeting minutes, due on Wednesday, followed by the latest US consumer inflation figures on Thursday. This will drive expectations about the Fed's next policy move and drive the USD demand, providing a fresh directional impetus to the NZD/USD pair.
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