The NZD/USD pair gains ground around 0.5982 on Thursday during the Asian trading hours.
NZD/USD edges lower to 0.5980 after the softer Chinese inflation report on Thursday. Chinese CPI rose 0.1% YoY in March, compared to a 0.7% rise in February and the consensus of 0.4% increase. The strong US economy and elevated inflation triggered the Federal Reserve to delay cutting interest rates this year. The NZD/USD pair loses around 0.5980 on Thursday during the Asian trading hours.
Concerns over slowing economic growth in China have grown in recent months and the softer inflation data raises concerns about uncertain economic prospects, which might cap the upside of the China-proxy New Zealand Dollar against the USD. On Wednesday, the Reserve Bank of New Zealand maintained its Official Cash Rate at 5.5% for the sixth consecutive meeting as widely expected. The RBNZ noted that the monetary policy will remain restrictive to maintain downward pressure on inflation.
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