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The NZD/USD pair edges higher during the Asian session on Wednesday and currently trades just above mid-0.5800s, though it lacks bullish conviction. Spot prices remain below a technically significant 200-day Simple Moving Average (SMA) as traders keenly await the crucial FOMC rate decision before placing fresh directional bets.
The US Dollar (USD) is seen consolidating following the recent pullback from its highest level since May 2025 and lending some support to the NZD/USD pair. A generally positive tone around the equity markets dents demand for traditional safe-haven assets and keeps the USD bulls on the defensive. However, expectations that the recent surge in crude oil prices would rekindle inflation and force the US Federal Reserve (Fed) to delay cutting interest rates should act as a tailwind for the USD.
Hence, the market focus will remain glued to the outcome of a two-day FOMC policy meeting, scheduled to be announced later during the North American session. The outlook will play a key role in influencing the near-term USD price dynamics and help in determining the near-term trajectory for the NZD/USD pair. In the meantime, rising tensions in the Middle East might keep a lid on any optimism, which should benefit the safe-haven Greenback and cap the upside for the perceived riskier Kiwi.
In the latest developments, Iran's top security official, Ali Larijani, and the head of the paramilitary Basij force, Gholamreza Soleimani, have been killed in Israeli air strikes on Tuesday. Iran's army vows revenge for security chief Larijani’s killing. Moreover, the US military said that it targeted sites along Iran’s coastline near the Strait of Hormuz – a critical energy chokepoint. This keeps geopolitical risks in play, which favors the USD bulls and should cap gains for the NZD/USD pair.
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.98% | -0.85% | -0.35% | -0.25% | -1.70% | -1.19% | -0.61% | |
| EUR | 0.98% | 0.15% | 0.55% | 0.72% | -0.73% | -0.23% | 0.36% | |
| GBP | 0.85% | -0.15% | 0.53% | 0.57% | -0.87% | -0.38% | 0.27% | |
| JPY | 0.35% | -0.55% | -0.53% | 0.12% | -1.35% | -0.83% | -0.27% | |
| CAD | 0.25% | -0.72% | -0.57% | -0.12% | -1.50% | -0.94% | -0.35% | |
| AUD | 1.70% | 0.73% | 0.87% | 1.35% | 1.50% | 0.50% | 1.11% | |
| NZD | 1.19% | 0.23% | 0.38% | 0.83% | 0.94% | -0.50% | 0.56% | |
| CHF | 0.61% | -0.36% | -0.27% | 0.27% | 0.35% | -1.11% | -0.56% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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The NZD/USD pair edges higher during the Asian session on Wednesday and currently trades just above mid-0.5800s, though it lacks bullish conviction.
The AUD/USD pair gains traction to near 0.7115 during the Asian trading hours on Wednesday. The Australian Dollar (AUD) strengthens against the US Dollar (USD) after a hawkish interest rate hike from the Reserve Bank of Australia (RBA).
On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8909 compared to the previous day's fix of 6.8961 and 6.8798 Reuters estimate.
EUR/USD ticks slightly lower after posting gains over the previous two sessions, hovering near 1.1530 during Asian trading hours on Wednesday.
Silver (XAG/USD) lacks a firm intraday direction and oscillates in a narrow range during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the crucial FOMC rate decision.
The United States military said that it targeted sites along Iran’s coastline near the Strait of Hormuz, one of the world’s most critical energy chokepoints, because Iranian anti-ship missiles posed a risk to international shipping there, Reuters reported on Wednesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.00 during the early Asian trading hours on Wednesday. The WTI price climbs amid intensifying Middle East conflict and severe supply disruptions.
Australia Westpac Leading Index (MoM) declined to -0.1% in February from previous -0.04%
Japan Adjusted Merchandise Trade Balance: ¥-374.2B (February) vs previous ¥455.5B