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26 Oct 2022

NZD/USD marches towards 0.5800 amid upbeat market mood, US GDP in focus

  • NZD/USD is aiming to reclaim 0.5800 as the risk profile soars.
  • The 10-year US Treasury yields have dropped to 4.10% while the DXY has shifted its business below 111.00.
  • Higher consensus for the US GDP could fetch demand for the DXY ahead.

The NZD/USD pair is gradually heading towards the round-level resistance of 0.5800 as the risk-on profile is strengthening significantly. The asset witnessed fresh demand from 0.5680 on Tuesday, which turned into a vertical rally to near 0.5780. The major is holding its gains amid an improvement in investors’ risk appetite.

S&P500 rose consecutively for the third day and has turned the table in the favor of risk-perceived assets. The 500-stocks basket has settled above 3,800 amid a stellar start of the quarterly result season. The US dollar index (DXY) displayed a perpendicular fall due to a vigorous drop in safe-haven’s appeal and surrendered the cushion of 111.00.

Meanwhile, returns on US government bonds have witnessed an intense drop as investors shifted their liquidity into bonds due to a steep fall in the DXY. The 10-year U Treasury yields have dropped dramatically to 4.10%. However, the odds of a fourth consecutive 75 basis point (bps) rate hike by the Federal Reserve (Fed) for the first week of November are rock solid.

Now, investors are focusing on the release of the US Gross Domestic Product (GDP) data, which will release on Thursday. The annualized GDP is expected to improve significantly to 2.4% vs. a decline of 0.6% reported earlier.

But before that, the US New Home Sales data will hog the limelight. The economic data is expected to decline to 0.585M vs. the prior release of 0.685M on a monthly basis. As interest rates are accelerating sharply, individuals have postponed their real estate demand due to higher interest obligations.

 

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