NZD/USD refreshes three-month low below 0.6150 as US consumer spending fuels hawkish Fed bets NZDUSD Fed RBNZ PBOC SEO
Federal Reserve looks set to push interest rates above 5% to contain sticky inflation.
has refreshed its three-month low below 0.6148 in the Asian session. The kiwi asset has been dumped by the market participants amid weak New Zealand Retail Sales data and rising stakes for the continuation of policy tightening by the Federal Reserve . has revived firmly after a subdued opening and has reached to near 104.90 as the risk-off impulse is strengthening further.
It is worth noting that New Zealand is one of the leading trading partners of China and an expansionary monetary policy from the PBoC will strengthen the New Zealand Dollar.January’s consumer spending data of the United States have cleared that a consideration of a policy tightening pause by the Federal Reserve would be premature. After a declining trend, the US Personal price index data has revived by 0.6% on a monthly basis.
Considering the resilience in the United States economy, economists at Nordea see the Federal Reserve’s benchmark approaching 6%.The Reserve Bank of New Zealand is struggling to bring down price pressures led by higher prices of fuel and food items. The annual inflation rate in the New Zealand economy has not peaked yet and NZ Prime Minister Chris Hipkins has announced a mega-cyclone relief package, which is subjected to add to the escalating price index.
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