NZD/USD hits fresh multi-week high, around mid-0.6100s ahead of US CPI – by hareshmenghani NZDUSD Fed Bonds Inflation Currencies
the European session. The momentum lifts spot prices to a nearly three-week high, around the 0.6155 region in the last hour, and is sponsored by renewedIn fact, the USD Index , which tracks the Greenback against a basket of currencies, dives to its lowest level since May 18 and continues to be weighed down by expectations that the Federal Reserve will skip raising interest rates in June.
Apart from this, a generally positive tone around the equity markets is seen as another factor weighing on the safe-haven USD and benefitting the risk-sensitive Kiwi. That said, worries about a global economic slowdown, particularly in China, might keep a lid on the optimism. Furthermore, surprise rate hikes by other major central banks - the Reserve Bank of Australia and the Bank of Canada - last week suggested that the fight against inflation is not over yet.
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