- NZD/USD is under pressure following the hawkishness from Fed's Powell.
- NZD/USD bulls await an opportunity to correct into shorts.
NZD is lower versus most key crosses on Wednesday as the high betas take a beating due to the Federal Reserve's chair Jerome Powell saying that the US central bank will stay the course until the job is done. However, Fed's Powell added that the ultimate level of interest rates is likely to be higher than previously anticipated. Federal Reserve's chairman Jerome Powell also said that the Fed is prepared to increase the pace of rate hikes if data indicates it is warranted:
"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."
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