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April 24 – A survey released Friday showed that U.S. consumer confidence fell to its lowest level in nearly four years in April, impacted by inflation concerns stemming from the escalating conflict with Iran. The University of Michigans Consumer Survey Center reported a final reading of 49.8 for the month, the lowest level since June 2022. However, this figure is a slight improvement from 47.6 reported earlier this month. The index was 53.3 in March. "Consumer confidence has recovered some of the losses from the beginning of the month after the announcement of a two-week ceasefire and a slight drop in gasoline prices," said Joanne Hsu, director of the Consumer Survey Center. "The conflict with Iran appears to be primarily affecting consumer sentiment by impacting gasoline prices and other potential prices. In contrast, military and diplomatic developments that fail to ease supply constraints or lower energy prices are unlikely to boost consumer confidence."Following Washington, D.C. Attorney General Piros announcement that the investigation into Powell was halted, federal funds rate swap pricing indicated that expectations for a Federal Reserve rate cut this year have further intensified.U.S. Treasury Secretary Bessenter: The dollars dominance and reserve currency status have been further strengthened.U.S. Attorney for the District of Columbia, Piro, said: "If necessary, we will not hesitate to reopen the investigation into Federal Reserve Chairman Powell."U.S. Attorney for the District of Columbia, Robert Piro, announced the suspension of the investigation into Federal Reserve Chairman Jerome Powells construction costs. The Federal Reserve Inspector General has been asked to review the Feds spending.

NZDUSD maintains gains over 0.58 despite a small USD fall; attention focuses on NFP data

Daniel Rogers

Nov 04, 2022 17:44

 截屏2022-11-04 下午4.09.58.png

 

New buying activity emerges near 0.5755 for the NZDUSD on Friday, reversing the previous day's drop to a weekly low. Throughout the early European session, the pair has maintained a bid tone and is currently trading just over the 0.5700 round-figure mark at the day's high.

 

The US Dollar appears to have halted its post-FOMC rally and ended its six-day winning streak, supporting the NZDUSD pair. A generally upbeat mood on the equity markets is anticipated to weigh on the safe-haven dollar and assist the risk-averse New Zealand currency. Aside from this, the USD loss may be attributable to repositioning trading before of the highly anticipated US jobs report, which is due to be released later during the early North American session.

 

However, elevated US Treasury bond yields, which are supported by the Federal Reserve's more hawkish stance, may prevent a deeper USD decline and limit gains for the NZDUSD pair. Recall that Fed Chair Jerome Powell denied expectations of a dovish reversal and stated that it was premature to discuss a halt to the rate-hiking cycle. Powell said that the terminal rate will remain higher than anticipated, resulting in a substantial increase in US Treasury bond yields.

 

In fact, the yield on the two-year US government bond, which is very sensitive to interest rate hike predictions, reached a 15-year high on Thursday and inched closer to the psychological 5% level. In the interim, the benchmark 10-year US Treasury note remains over the 4% threshold, which is bullish for the USD. Ahead of the big data risk, the fundamental environment could prevent traders from launching aggressive bets and limit the NZDUSD pair's gain for now.


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