NZD/USD is having trouble extending its downswing since it hit a potential support zone!
Profit-taking after last week’s extended moves may have dragged NZD/USD down from its .6375 highs. It didn’t help that this JPow wasn’t as dovish as the markets had expected, only seeing another 50bps interest rate cut for the rest of the year. Lastly, China is on an extended holiday, which could have limited any bullish demand in the Asian session.
But Uncle Sam’s upcoming ISM manufacturing PMI may make or break NZD/USD’s recent downswing.
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