The NZD/USD pair saw a brief uptick at the start of the week, but several factors point to a bearish outlook. Selling pressure hit the US Dollar as US Treasury bond yields declined, offering limited support for NZD/USD. However, concerns about a global economic downturn, particularly in China, dampened overall optimism. This sentiment was further exacerbated by S&P Global's downward revision of China's GDP growth forecast and recent downgrades by major banking institutions such as Nomura, Citibank, UBS, and Goldman Sachs. Moreover, the Federal Reserve's hawkish stance is expected to curb USD losses and exert downward pressure on the NZD/USD pair. Notably, the Fed paused its rate-hiking cycle but hinted at potential interest rate increases of up to 50 basis points by year-end, with a focus on combating high inflation.
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