Ella 
NZD/USD hovered around 0.6120 during the European session on Tuesday. The pair barely moved as investors were cautious ahead of the ANZ-Roy Morgan June consumer confidence index and the US first quarter gross domestic product (GDP) due to be released on Thursday. The US personal consumption expenditures (PCE) price index will be released on Friday.
At its last policy meeting in May, the Reserve Bank of New Zealand (RBNZ) predicted that the central bank would not start cutting the official cash rate from 5.5% until the third quarter of next year as inflation remains high.
Chinese Premier Li Qiang expressed confidence in China’s ability to achieve its full-year growth target of around 5%, according to Bloomberg. Li Qiang warned that decoupling and protectionism would only increase the cost of running the global economy. As China and New Zealand are close trading partners, any changes in the Chinese economy could have an impact on the New Zealand market.
Chicago Fed President Goolsbee’s dovish comments put downward pressure on the US dollar. Goolsbee told CNBC’s “Squawk Box” chat show on Monday that the Fed may need to consider whether restrictive policies are putting too much pressure on the economy.
