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Forex

NZD/USD Plummets to Lowest Level Since July 29 Amid Rising Fed Hike Bets

Guavy AI Editorial Team
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The New Zealand Dollar (NZD) plummeted to its lowest level since July 29 against the US Dollar (USD), trading around the 0.5780 region in early European session.

The NZD/USD pair is under heavy selling pressure due to rising Federal Reserve hike bets and geopolitical risks that are boosting the value of the USD.

A recent escalation of tensions between the US and Iran has added support to the safe-haven USD, further pressuring the NZD/USD pair.

The bearish technical setup is also backing the case for a further near-term depreciating move in the NZD/USD pair.

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