NZD/USD slipping into 0.71 as Greenback rises once more

The Kiwi is falling against the US Dollar as Treasury yields drive the Greenback higher.
New Zealand markets are shuttered today for the Anzac holiday, and market volumes are thin.

Joshua Gibson FXStreet

The Kiwi is drifting lower in the early Asia session, hitting into fresh lows at the 0.7100 handle as the US Dollar continues to walk up the charts.

The NZD/USD has been declining steadily as the US Dollar stages a recovery in the broader markets, and the major correction is getting fueled once more by rising US Treasury yields, with the 10-year note hitting the 3% key level in the overnight session, and the Kiwi is falling back along with other risk assets against the USD.

Forex today: risk turns sour, dollar pressured, yields met the 3.00% mark

The New Zealand markets are dark today as the Antipodeans observe the Anzac Remembrance Day, and volumes are thin in the Asia session. Adding to Wednesday's pile is the People's Bank of China (PBOC), which cut their Reserve Requirements Ratio for a second time in two weeks as the PBOC tries to free up extra liquidity in the face of a possible economic slowdown.

PBOC cuts reserve requirement ratio

NZD/USD Levels to watch

The pair is turning deeply bearish, trading into four-month lows, and as FXStreet's own Ross Burland noted earlier, "technicals lean bearish after a new low was set with the RSIs biased down and with an inverted hammer on the monthly sticks. The bears can target a break of 0.7105 down to 0.7070 before 0.7030. To the upside, the 100-D SMA is located at 0.7220."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.