NZD/USD Sell Off Rally

NZDUSD pair remained upbeat in Friday session, recouping some of the losses accrued on Thursday as risk eversion took a toll of sentiments in the market. The dollar rebounded against other major currencies, as fears of a second wave of coronavirus infections, sent traders scampering for safety in Safe-Havens.

NZD/USD Sell-Off

A strengthened dollar sent the NZD/USD to one-week lows with the pair shedding more than 0.5% in value. The sell-off came at the backdrop of an overstretched New Zeeland Dollar that has registered substantial gains against the dollar in recent trading sessions.

NZD/USD Outlook

Even as the threat of coronavirus continues to fade away in New Zealand, the same cannot be said about the U.S. The U.S is staring at a second wave of infection, a development that has rattled the markets sending traders to safe-havens such as the dollar.

A strengthened dollar across the board is the immediate catalysts pushing the NZD/USD exchange rate lower. The dollar tends to strengthen in times of crisis such as example, the COVID-19 pandemic should see the pair edge lower, especially on infections showing no signs of slowing down after rising past the 2 million mark.

Source : fxweekly

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