NZD/USD falls to negative territory after Fed decisions keeps the 20-day SMA

The US Dollar strengthened on the back of rising US yields after the Fed’s hawkish pause.The bank reduced projections of 100 bps of rate cuts in 2024 to 50 bps.trading in the 0.5924 - 0.5985 and clearing all of its daily gains. The US Dollar recovered as the Federal Reserve hinted at one more hike and pushed back rate cuts in 2024.The US Federal Reserve, as expected, didn't hike interest rates but surprised with a somewhat more hawkish stance, causing the market to fly to safety.

During the press conference, Chair Powell emphasised their priority is a smooth economic transition and mentioned the importance of price stability. He then added that the decisions will be decided meeting by meeting, relying solely on incoming data.

rising to 5.15%, 4.55% and 4.36%, their highest in more than 10-year, which seems to make the USD gain interest. In line with that, the DXY index rose back above 105.00 and cleared daily losses.of the daily chart suggests a neutral to bullish stance for NZD/USD as the bulls work on recovering their ground.

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