NZD/USD hangs near daily low, below mid-0.6300s on the back of stronger USD – by hareshmenghani NZDUSD China Fed Inflation Currencies
first half of the European session. The pair is currently placed just a few pips above the daily low and trades around the 0.6345-0.6340 region, downoutlook
for the second quarter and turns out to be a key factor weighing on antipodean currencies, including the Kiwi. In fact, the National Bureau of Statistics reported that the headline CPI in China rose by 0.1% rate in April, the lowest rate since February 2021, giving further evidence of tepid domestic demand. Moreover, China’s Producer Price Index contracted for the seventh consecutive month and registered its fastest drop since May 2020.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, shot to over a one-week high in the wake of some short-covering amid the uncertainty over the Federal Reserve's policy outlook. The US CPI report released on Wednesday showed that consumer prices fell below the 5% YoY rate in April for the first time in two-year. This, in turn, paves the way for an imminent pause in the US central bank's year-long rate-hiking cycle.
That said, expectations for further rate hikes by the Reserve Bank of New Zealand might hold back traders from placing aggressive bearish bets around
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