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NZD/USD nears 0.6000 as Fed-hike bets fade and risk sentiment firms

The pair held above its 20-day and 100-day moving averages near 0.5876 and 0.5837, with support clustered around 0.5930 to 0.5907.

Reported · Written up by our desk · Major Pairs

The New Zealand dollar extended its rally versus the US dollar on Friday, trading near 0.6000 and close to its highest level since the end of May, FXStreet reported. FXStreet said flash S&P Global PMIs showed private-sector activity accelerating, led by a strong services reading that beat expectations, while manufacturing slipped and missed forecasts. Even so, the US dollar did not gain lift from the data, suggesting the Kiwi move is being driven more by NZD-specific momentum than a Federal Reserve shift. The outlet also pointed to China leaving its benchmark lending rates unchanged as a supportive backdrop for currencies tied to Chinese demand, including the New Zealand dollar. It added that gold and silver were sharply higher that day, and that the risk-on tone typically supports higher-beta currencies like NZD. On the technical front, FXStreet said NZD/USD was around 0.5979, maintaining a bullish near-term bias as price stayed above the 20-day and 100-day simple moving averages at 0.5876 and 0.5837. Immediate resistance was flagged near 0.5989, while clustered support levels were identified around 0.5939, 0.5930 and 0.5907, with deeper demand seen near the 20-day and 100-day averages.

Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%

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