NZD/USD rises through the 100-DMA and reaches a two-month high.

 

The NZD/USD pair maintains its strong upward trend this week and gains momentum for the fifth straight day on Friday. During the early European session, the momentum drives spot prices to a level above a two-month high, in the 0.6465–0.6470 range.

The US dollar is unable to take advantage of the overnight recovery from its lowest point since late June, and on the penultimate day of the week, it oscillated in a range, which supports the NZD/USD pair. The unknown scale of the US central bank’s upcoming rate rise seems to be working against the dollar.

Recent hawkish comments made by several Fed officials suggested that the central bank will continue to tighten monetary policy. Neel Kashkari of the Minneapolis Fed, Charles Evans of the Chicago Fed, Mary Daly of the San Francisco Fed, and James Bullard of the St. Louis Fed have all spoken in favor of continuing to raise interest rates.

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