uched earlier this Tuesday. Spot prices return to the lower end of the daily range, around the 0.6480-0.6475 region, heading into the North American session, though any meaningful decline seems elusive.
Worries about a deeper global economic downturn keep a lid on any optimism in the markets, which is evident from a fresh leg down in the equity markets. This, in turn, assists the safe-haven US Dollar to stage a modest recovery from a nine-month low and drives some flows away from the risk-sensitive Kiwi.
The quarterly consumer inflation report from New Zealand is scheduled for release during the early Asian session on Wednesday. This will be followed by the Advance Q4 GDP print and the Core PCEfrom the US on Thursday and Friday, respectively. The key focus, however, will remain on the highly-anticipated FOMC monetary policy decision. This will play a key role in driving the USD in the near term and help determine the near-term trajectory for the NZD/USD pair.
In the meantime, traders on Tuesday will take cues from the US economic docket, featuring the flash PMI prints and the Richmond Manufacturing Index. Apart from this, the US bond yields and the broader risk sentiment, will influence the USD price dynamics and provide some meaningful impetus to the NZD/USD pair. Nevertheless, the fundamental backdrop still seems tilted in favour of bullish traders, suggesting that any meaningful pullback might be seen as a buying opportunity.
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