On Friday, the NZD/USD recovered some ground as the pair corrected oversold conditions on the daily chart. On the one hand, the Kiwi got a boost from the Reserve Bank of New Zealand (RBNZ) Deputy Governor Silk’s messages, while the USD, measured by the DXY index, traded at its highest point since early June.
The DXY index consolidated itself above its 200-day Simple Moving Average (SMA) and jumped to 103.60, its highest level since June 13 and then settled at 103.30. Factors driving the USD upwards during the week included the hawkish stance seen by the Federal Open Market Committee (FOMC) in Wednesday’s minutes from the July meeting, which boosted US yields and the sour market mood due to the worrying Chinese economic situation. In line with that, markets grew concerned due to Evergrande filing for protection from creditors in a US bankruptcy court.
On the Kiwi’s side, the Reserve Bank of New Zealand (RBNZ) Deputy Governor Karen Silk delivered some hawkish messages and warned that upside risk to inflation may push the bank to retain rates higher for a longer time. As a reaction, the NZD is trading strong against most of its rivals and is one of the session’s top performers alongside the JPY and the USD.
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