ks to its modest gains through the early European session and is currently placed around the 0.6400 round-figure mark.
A combination of factors drags the US Dollar closer to a multi-month low set earlier this week, which, in turn, is seen acting as a tailwind for the NZD/USD pair. Rising bets for a less aggressive policy tightening by theThe markets seem convinced that the US central bank will slow the pace of its rate-hiking cycle and have been pricing in a relatively smaller 50 bps lift-off in December.
That said, the incoming positive US economic data fuels speculations that the US central bank might lift rates more than projected, which should limit losses for the USD. Moreover, worries about a deeper global economic downturn might further contribute to capping the upside for the growth-sensitive New Zealand Dollar.
Traders might also refrain from placing fresh bets ahead of next week's key data/event risks - the US consumer inflation figures and the FOMC meeting. The crucial US CPI report will influence the Fed's policy, which, in turn, will drive the USD and provide a fresh directional impetus to the NZD/USD pair.
Hence, it remains to be seen if bulls are able to retain control or if the intraday move-up runs out of steam at higher levels. Nevertheless, the NZD/USD pair has reversed modest weekly losses and remains well within the striking distance of its highest level since mid-August, around the 0.6440-0.6445 area touched on Monday. and the Prelim Michigan Consumer Sentiment Index.
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