fxstreet.com 08 Feb, 2021 21:30 am

NZD/USD advances amid risk on, eyes test of late January highs at 0.7250

NZD/USD poked out of the top of its recent range on Monday amid a broad softening of the US dollar and a risk-on market vibe that benefitted risk-sens

“Although price action has been a bit choppy of late”, comments ANZ, the bank thinks the “path of least resistance from here would seem to be higher given the recovery vibe at play in the market, and the broader global markets’ view that the RBNZ will be one of the earlier hikers.5B investment in the cryptocurrency, though the kiwi (nor broader market) seemed to care much about this.NZD/USD poked out of the top of its recent range on Monday amid a broad softening of the US dollar and a risk-on market vibe that benefitted risk-sensitive currencies such as the NZD and AUD; the pair hit highs of the day in the 0.Amid the lack of pertinent news flow, markets seemed to fall into a sort of “default” risk-on that prevailed for much of last week; stocks were up, commodities were up, bond yields hit new cycle highs (though gave back all those gains) and in FX markets, more risk-sensitive currencies (like the kiwi) did the best.

Having broken above a key downtrend, the pair is eyeing a test of the late January high at 0.The break opens the door to a potential test of the late January high at just under 0.

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