The NZD/USD pair gains momentum near 0.5910 on Monday during the early Asian session.
NZD/USD holds positive ground around near 0.5910 on the weaker USD on Monday. The recent New Zealand inflation data prompted speculation that the RBNZ might cut its rate in November. Fed’s Goolsbee signaled a longer timeline forinterest rate cutsas progress on inflation had “stalled”. The recovery of the pair is bolstered by the risk-on sentiment and modest decline of the US dollar . Traders await more evidence of inflation data for cues on the rates path ahead of a policy decision next week.
On the other hand, Chicago Federal Reserve President Austan Goolsbee on Friday hinted at a longer timeline forinterest rate cutsas progress on inflation had “stalled. Goolsbee further stated that Inflation has significantly dropped from its pandemic-era peak of 9.1%, but remains stubbornly above the Fed’s target.The high-for-longer US rate narrative boosts the Greenback and creates a headwind for the NZD/USD pair.
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