NZD/USD gains ground to near 0.5750 on softer Iran rhetoric
The NZD/USD pair attracts some buyers to around 0.5750 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) edges higher against the US Dollar (USD) as easing tensions in Iran boost the riskier currencies. Later in the day, the US December Industrial Production report will be released. Also, Federal Reserve (Fed) Governor Michelle Bowman is scheduled to speak.
US President Donald Trump said on Thursday that he had been told that killings in Iran's crackdown on protests appeared to be easing and saw no immediate plan for large-scale executions. Trump hasn’t taken any options off the table, saying that there will be “grave consequences” if killings continue. His softer tone on Iran could provide some support to the riskier currencies, such as the Kiwi, in the near term.
On the other hand, rising expectations that the US central bank will hold the interest rates in the next several months might lift the Greenback and act as a headwind for the pair. The US Initial Jobless Claims and robust Retail Sales released this week prompted traders to push back bets for the next rate cut to June.
While the Reserve Bank of New Zealand (RBNZ) signaled that its easing cycle likely ended last year after a cumulative 225 basis points (bps) of rate cuts, market pricing indicates almost no chance of a rate hike at the February policy meeting. Traders expect only a small probability of a move until at least September.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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