NZD/USD rallies towards 0.6300 after Fed’s Powell press conference By christianborjon NZDUSD Majors Macroeconomics Fed CentralBanks
und 0.6214. However, Fed Chair Powell shifted less hawkish than expected, so the New Zealand dollar got bid and is rallying above 0.6300, gaining 1.55%, during the day.
Concerning the US economic outlook, the board added that activity picked up after the Q1 negative reading. Regarding the reduction of the balance sheet, also known as Quantitative Tightening , the plan started as revealed in May.US Dollar The Federal Reserve Chair Jerome Powell reiterated at the press conference that ongoing increases are appropriate and emphasized that the labor market is extremely high and inflation too. Powell commented that when May inflation surprised to the upside alongside inflation expectations elevating, the FOMC decided that 75 bps was warranted in response.
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