Ella 
NZD/USD retreated to 0.6140 levels in early trading on Wednesday as NZD traders waited for a reason to act. A light economic calendar aside from the latest budget released by the New Zealand government on Thursday kept NZD traders on the sidelines ahead of a speech by Reserve Bank of New Zealand (RBNZ) Governor Orr on Friday.
US data in the second half of the week will drive investor sentiment, including the US GDP quarterly rate and the US PCE price index.
Investors have been waiting for the Federal Reserve (Fed) to move on the issue of interest rate cuts, with the market generally paying attention to a series of statements made by Fed officials at the beginning of the week. Market expectations for rate cuts continue to weaken due to the Fed’s cautious attitude, with interest rate markets pricing in a roughly flat probability of a 25 basis point rate cut by the Fed in September.
