NZD/USD Weakens Even After Failing to Defend its November Opening Range
NZD/USD is going weak despite its November opening range that was superb figures. The currency has broken down to defend the November opening range right now in the market. NZD/USD takes ahead the lower highs and lower lows early this week after getting the reaction that is large than expected in the US consumer price index. The inflation stickiness may raise the participation in the US dollar as it can put pressure on Federal Reserve to apply higher interest rates soon.
It would not be a mature decision to change the aspects of the rising of rates, addressed by San Francisco President Mary Daly. Her comment suggests that FOMC will keep to its existing strategy as the pivotal banks will continue to showcase the temporary rise in inflation. However, the growth in the price may save USD ahead of the next FOMC interest rate decision on December 15, as the central bank has a hope of updating the summary of economic projections.
Till then, the currency pair of NZD/USD will depreciate as it may fall from its October prime point of 0.7219. Again, a decrease in the exchange rate will reduce the inclination in the retail market as per the market specialists and this year’s record. NZD/USD may face again a decline in the coming days as it will extend the series of lower highs and lower lows this week.
The advance from October low (0.6877) may proceed to unravel as the exchange flow has failed to defend the opening range of November. The future days are surely going to improve the weak zone of the NZD/USD and let’s see how things go in the way for the people who are looking for the currency pair to show its worth to traders who are eyeing to make money with these. For more updates like this, read our daily forex news.