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- NZD/USD rebounds sharply from two-year lows as USD reverses
NZD/USD rebounds sharply from two-year lows as USD reverses
- US Dollar jumps after US CPI, loses momentum during last hours.
- US stocks recover after slide, turn positive.
- NZD/USD bottoms slightly above 0.5500, then rebounds sharply.
The NZD/USD tumbled in a few minutes from 0.5630 to 0.5510, reaching the lowest level since March 2020 following the release of US CPI data. Later the pair recovered ground rising back toward 0.5600.
Volatile hours
The greenback rose sharply immediately after the September US CPI that showed higher-than-expected readings. The Consumer Price Index rose 0.2% in September above the 0.1% of market consensus. The annual core rate hit a new decade high at 6.6%.
Those numbers triggered sharp moves that are still taking place. The dollar jumped as US yields soared to fresh multi-year highs. Later a rebound in equity prices in Wall Street weakened the dollar triggering a reversal that pushed NZD/USD back to 0.5600.
The NZD/USD could face resistance at 0.5620 before the daily high at 0.5635/40. If the pair rises above 0.5740 it would alleviate the bearish pressure. A slide back under 0.5760 would expose the recent lows again.
Technical levels
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