NZD/USD could reach 0.6150 as US Dollar remains subdued – Crypto News – Crypto News
Connect with us
Bears need validation from 0.6020 to refresh two-year low Bears need validation from 0.6020 to refresh two-year low


NZD/USD could reach 0.6150 as US Dollar remains subdued – Crypto News



  • NZD/USD remains stronger amid a softer US Dollar on Monday.
  • The US Dollar lost ground after the 10-year US Treasury yield depreciated on Friday.
  • The New Zealand Dollar received support as RBNZ raised the forecast for peak rates and postponed the timing of a rate cut.

NZD/USD continues its winning streak for the fourth successive day, trading around 0.6130 during the Asian hours on Monday. The depreciation in the US Dollar (USD) is underpinning the NZD/USD pair, which could be attributed to the improved risk appetite after the softer University of Michigan’s 5-year Consumer Inflation Expectations for May was released on Friday.

The UoM’s 5-year Consumer Inflation Expectations for May on Friday. It eased slightly to 3.0%, below the forecasted 3.1%. Despite the upward revision of the Consumer Sentiment Index to 69.1 from a preliminary reading of 67.4, it still marked the lowest level in six months. These figures likely contributed to strengthening investors’ sentiment regarding potential rate cuts by the Federal Reserve.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against the six other major currencies, trades near 104.70 by the press time. On Friday, the Greenback lost ground due to the lower 10-year US Treasury yield, which stood at 4.46%.

Across the pond, the New Zealand Dollar (Kiwi) remains supported by the hawkish stance of the Reserve Bank of New Zealand (RBNZ). The central bank has raised its forecast for a peak in interest rates and delayed the timing for any rate cut. The RBNZ kept its cash rate at a 15-year high of 5.5%, indicating that restrictive policy needs to be maintained longer to ensure inflation returns to the 1-3% target range.

In an interview with Bloomberg last week, RBNZ Governor Adrian Orr downplayed the likelihood of another interest rate hike, suggesting that the central bank would only tighten policy further if necessary to manage inflation expectations. Additionally, RBNZ Deputy Governor Christian Hawkesby emphasized that “cutting interest rates is not part of the near-term discussion.”


Up Next

ETF Approval Speculation Grows, These ERC20 Memecoins Could Go Parabolic Monumentally, the likelihood of Ethereum ETFs being approved is increasing as time goes on. As a matter of fact, Bloomberg analysts have speculated that the approval of the ETFs is now estimated to be nearly 80%. In anticipation of this trend, more focus is being driven to ERC 20 meme coins as they have a huge potential of seeing magnificent gains amid Ethereum’s possibility. Among the several Ethereum tokens in the meme coin market, KangaMoon (KANG), Pepe coin and Floki token rank among the most likely ones to go parabolic if ETH ETFs get approved. Kamgamoon (KANG) Can Potentially Be The Best ERC Meme Crypto to Buy Considering the numerous use cases affiliated with KangaMoon (KANG) platform, it’s not absurd to deem the token the next best meme coin on Ethereum network. While Pepe and Floki have made their mark, especially Floki, KangaMoon brings even more utility and immersive P2E experience that can potentially allow its native token $KANG ranks among the most sought-after meme coin this year. Fundamentally, KangaMoon emerges as a unique SocialFi and gamified play-to-earn token capable of delivering unprecedented daily gains. In KangaMoon’s ecosystem (Kangaverse), users can engage in battle contests to win KANG tokens anytime any day. While you can also bet on battle outcomes for token prizes, you can also win NFTs while at it. Transforming the mediocrity associated with meme coins, KangaMoon joins Floki in immersing users in a platform where KANG tokens can be used strategically for gains, like upgrading characters or investing in NFTs or in-game assets to sell in the marketplace later. This KANG has given users over 400% ROI in its presale after increasing from $0.005 to $0.025. This has incited many supporters from the GameFi market. So far in its presale journey, KangaMoon has garnered over 32,000 community members and nearly 10,000 token holders, while raising almost $7M in presale revenue. This smooth progress has led analysts to speculate an 8000% spike when it lists on more exchanges platforms including BitMart and Uniswap. After already securing a listing on CoinMarketCap and CoinGecko, KangaMoon holds potential to rank among top meme coins. Pepe Price Ride on Positive Momentum That May Hold Throughout the Year Pepe (PEPE) coin is also a great contender when it comes to considering the best meme coins to watch for monumental gains. Pepe has always been tagged with a large and loyal community base; a perk that has kept it increasingly relevant in the meme coin market. With over $5.8 billion in market capitalization, Pepe coin has kept itself as the 3rd most valued meme coin, having only Dogwifhat and Shiba Inu to battle with. A week has passed since Pepe made its last inciting price shift. This time last week, Pepe maintained a rise that has accumulated over nearly 40% gain for the token. The investor market is closely watching this meme coin currently due to its record of ranking on lists of best performance meme coins. Floki’s (FLOKI) Is a Pioneering Force With Highly Bullish Potential Floki (FLOKI) already left a mark in the meme coin market that will eventually give birth to the next revolution of meme coins. Before Floki launched, meme coins were particularly known more as community tokens since they had less utility and only catered to social engagement. However, Floki token allowed meme coin transverse to Web3 and the Metaverse, inspiring the new utility meme coin trends. Specifically, Floki owns a metaverse gameplay platform known as Valhalla. Here, Floki token takes control as users can use $FLOKI to further enhance their gaming experience while uncovering prizes and rewards. In addition, with Floki, users can explore the NFT marketplace, a DEX, a staking pool, and other utilities that cater to its community. This positions the token for prolonged relevance in the altcoin market. Is KangaMoon Going To Match FLOKI’s Engagement Rate? KangaMoon’s success rate can potentially surpass Floki’s, both in engagement and token value. This might be influenced by KangaMoon launching in the year of BTC halving and also due to its unique Kangaverse platform which attracts a large community with SocialFi incentives. Discover the Exciting Opportunities of the KangaMoon (KANG) Presale Today! Website: Join Our Telegram Community: Meta Description: Discover how ETF approval speculation is driving interest in ERC20 memecoins like KangaMoon, Floki, and Pepe, and why these tokens could see parabolic growth in the near future. Keywords:Pepe, Pepe coin , Floki, Floki token, GameFi market, altcoin market, meme coins, meme coin market, meme coins to watch, top meme coins, crypto to buy, meme coin, altcoin market – Crypto News

Don't Miss

Gold price in Pakistan: Rates on May 27 – Crypto News