NZD/USD fails to break 0.6200 amid a higher USD and risk-off.

 

From a one-month low reached last Friday, NZD/USD has staged a fair recovery. The PBoC takes action to further relax policy and supports antipodeans, including the kiwi. Any significant upward movement for the pair is limited by persistent USD buying and recession fears.
On Monday, the NZD/USD pair makes some progress and breaks a five-day losing streak to close at a one-month low, close to the 0.6165 area touched last week. Despite appearing to struggle to take advantage of the move, the pair maintains its bid tone throughout the middle of the European session and is currently trading around the 0.6200 level.

It turns out that one of the main factors that helps antipodeans, including the kiwi, is the People’s Bank of China (PBoC), which cut lending rates for the second time in two weeks to stimulate the economy. Aside from this, the attempted recovery is still constrained by ongoing US dollar buying and lacks any clear fundamental catalyst.

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