Like other “risk” assets, the New Zealand dollar lost ground against its safe-haven peers as optimism over low interest rates turned to concerns that a high interest rate environment was leading to recessionary conditions in the US and other major economies. The Swiss franc, in particular, found additional support from anti-USD sentiment in the previous days. The NZD/CHF pair fell to multi-decade lows near 0.4950 but has since returned to the psychological 0.5100 level. Are we looking at a pullback opportunity in the making?
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