NZD/USD low in?
The NZD/USD has bounced strongly off its overnight lows, following a sharp drop below 0.5860 support where it had bounced in July. If it can post a daily close above its opening level, it will created a hammer-like candle on the daily to suggest a major has been formed. But let's wait for that confirmation and US ISM services PMI data before turning bullish on the NZD/USD.
The unwinding of carry trades continued to be the main trend overnight, leading to significant fluctuations in currencies such as the Japanese yen and Swiss franc, while stock indices and US futures declined. Once the equity markets stabilize, other currencies may start to strengthen against the dollar. Currently, only the euro has shown any notable strength, besides currencies with lower interest rates like the JPY, CHF, and CNH. The overall outlook for the US dollar is likely to become more negative as the equity markets stabilize, given the recent sharp adjustments in US interest rates.
By Fawad Razaqzada, market analyst at FOREX.com
The unwinding of carry trades continued to be the main trend overnight, leading to significant fluctuations in currencies such as the Japanese yen and Swiss franc, while stock indices and US futures declined. Once the equity markets stabilize, other currencies may start to strengthen against the dollar. Currently, only the euro has shown any notable strength, besides currencies with lower interest rates like the JPY, CHF, and CNH. The overall outlook for the US dollar is likely to become more negative as the equity markets stabilize, given the recent sharp adjustments in US interest rates.
By Fawad Razaqzada, market analyst at FOREX.com
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