New Zealand dollar under pressure
March 8, 2021SharePrint
The New Zealand dollar is trading in negative territory in the Monday session. Currently, NZD/USD is trading at 0.7137, down 0.29% on the day.
New Zealand dollar on the defensive
The New Zealand dollar remains under pressure from its US counterpart. NZD has looked dreadful in the month of March, registering losses of 1.26 per cent. On Friday, the currency briefly fell below the round 71 level, the first time that has occurred since mid-January. If the downturn continues, we could see NZD in 70-territory later this week.
The primary drive behind the attractiveness of the US dollar has been the recent rise in US Treasury yields. The 10-year bond climbed to 1.60% earlier on Monday, while 30-year bonds rose to 2.31%. This was in response to the Senate passing a massive 1.9 trillion dollar stimulus package on Saturday. The Democrats, who control both houses of Congress, plan to send the bill to President Biden for his signatur