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New Zealand dollar holds near 0.5600 as US yields stabilize
NZD/USD stayed around 0.5600 in Asian trading, while US 10-year and 30-year Treasury yields were last at about 5.31% and 5.70%.
NZD/USD saw choppy trade after modest losses the previous day, remaining in positive territory and changing hands around 0.5600 during Asian hours on Thursday, FXStreet reports.
The pair’s near-term outlook was linked to US Treasury yields, which the outlet notes had been rebounding toward the highest levels seen since 2002, with the 10-year and 30-year yields around 5.31% and 5.70% respectively.
FXStreet also pointed to expectations for further market direction from upcoming speeches by Federal Reserve officials, including Christopher Waller and Alberto Musalem.
The outlet added that concerns around persistent inflation have been reignited by a spike in oil prices, and it cited minutes from the Fed’s last meeting showing policymakers were united in supporting a September rate hike and viewing an additional year-end increase as appropriate.