Interest.co.nz on Nostr: A surging USD hits the NZD hardest ========== The US dollar surged higher after a ...
A surging USD hits the NZD hardest
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The US dollar surged higher after a large upside surprise to US nonfarm payrolls, prompting a further scaling back of market pricing for near term rate cuts by the Federal Reserve. US labour market data for January was significantly stronger than expected, with nonfarm payrolls increasing by 353k and the unemployment rate remaining unchanged at 3.7%. The data led to a reassessment of the Fed's rate cut expectations, with the implied probability of a 25bps rate cut in March scaled back to 20%. US treasury yields also increased sharply in response to the data. The US dollar made strong gains against global currencies, including the NZD, which fell more than 1% in offshore trade. NZ government bond yields ended the local session little changed. The rise in interest rates has contributed to strong demand for money market funds, with assets topping US$6 trillion for the first time. The NZD/USD exchange rate closed near the weekly lows.
#Usd #Nzd #FederalReserve #NonfarmPayrolls #InterestRates
https://www.interest.co.nz/currencies/126220/large-upside-surprise-us-nonfarm-payrolls-prompts-further-scaling-back-market
==========
The US dollar surged higher after a large upside surprise to US nonfarm payrolls, prompting a further scaling back of market pricing for near term rate cuts by the Federal Reserve. US labour market data for January was significantly stronger than expected, with nonfarm payrolls increasing by 353k and the unemployment rate remaining unchanged at 3.7%. The data led to a reassessment of the Fed's rate cut expectations, with the implied probability of a 25bps rate cut in March scaled back to 20%. US treasury yields also increased sharply in response to the data. The US dollar made strong gains against global currencies, including the NZD, which fell more than 1% in offshore trade. NZ government bond yields ended the local session little changed. The rise in interest rates has contributed to strong demand for money market funds, with assets topping US$6 trillion for the first time. The NZD/USD exchange rate closed near the weekly lows.
#Usd #Nzd #FederalReserve #NonfarmPayrolls #InterestRates
https://www.interest.co.nz/currencies/126220/large-upside-surprise-us-nonfarm-payrolls-prompts-further-scaling-back-market