The NZD/USD currency pair goes up a few pips from its one-month low near 0.6300 on Monday. Spot prices don’t take advantage of the rise and are likely to keep going down after hitting their highest level since June 2022 last week.

The NZD/USD pair is limited by things that help the US Dollar build on Friday’s strong recovery from a nine-month low. The positive monthly jobs report in the US made investors less likely to think that the Fed would stop tightening policy for a while. Both of these things help the safe-haven buck and hurt the risk-sensitive pair.

The US economy added 517K jobs in January, which was more than even the most optimistic predictions. The unemployment rate for the reported month fell unexpectedly to 3.4%, which shows how strong the US job market is. This could make it easier for the Fed to keep raising interest rates, which is good for the dollar and the yields on US Treasury bonds.

When people think the US central bank will stay “hawkish,” they worry that rising borrowing costs will hurt the economy. When tech companies report unimpressive quarterly results, it worsens the stock market. The big picture is suitable for USD bulls and points to more NZD/USD losses.

Conclusion
US economic data on Monday won’t move the market so that the greenback will be affected by US bond yields. Also, how people feel about risk can affect how the USD price moves and create short-term NZD/USD trading opportunities.