NZD/USD trades lower around 0.5900 during the early European session on Tuesday, pulling back from the recent gains following the release of downbeat
NZD/USD retraces recent gains after weaker economic data from New Zealand. Kiwi headline CPI rose to 1.8%, compared to the 2.0% expected; the yearly rate decelerated. US Dollar could admire the improved US Treasury yields. consumer inflation data from New Zealand. The headline CPI rose to 1.8% for the third quarter, compared to the 2.0% expected. The yearly rate decelerated to 5.6% from 6.0% in the previous quarter, and fell short of consensus estimates of 5.9% readings.
Federal Reserve Bank of Philadelphia President Patrick Harker echoed this sentiment on Monday, suggesting that the central bank should avoid introducing new economic pressures by increasing borrowing costs. Harker emphasized the view that unless there is a significant shift in the data, the Fed should maintain interest rates at their current levels. US Treasury yields extend gains, with the 10-year US Treasury bond yield standing at 4.74%, by the press time.
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