NZD/USD Continues to Rise Above 0.6150 Level

In early Asian trading on Tuesday, NZD/USD continued to rise to around 0.6165. Against the backdrop of a weaker U.S. dollar, NZD/USD fluctuated higher to its highest level since March. Investors are awaiting fresh catalysts, with annual U.S. gross domestic product (GDP) and core personal consumption expenditures price index due later this week. In addition, Reserve Bank of New Zealand (RBNX) Governor Orr’s speech on Friday will also be closely watched.

Markets have scaled back bets on the Fed cutting interest rates following a hawkish stance from Fed officials and stronger-than-expected U.S. economic data. Investors will be keeping a close eye on Friday’s key data, the U.S. PCE price index. The U.S. core PCE price index in April is expected to show a monthly rate of 0.3% and an annual rate of 2.8%. A rise in U.S. inflation could dampen expectations of a rate cut by the Federal Reserve, boosting the dollar.

On the other hand, Christian Hawkesby, deputy governor of the Reserve Bank of New Zealand, stressed that an interest rate cut is not on the table in the near future. The Reserve Bank of New Zealand kept the cash rate at a 15-year high of 5.5% and said restrictive policies need to be maintained for longer to ensure that inflation returns to the target range of 1-3%.

NZD latest articles

Popular exchange rates

foreign exchange

fxcurrencyconverter is a forex portal. The main columns are exchange rate, knowledge, news, currency and so on.

© 2023 Copyright fxcurrencyconverter.com