The NZD/USD pair remains under selling pressure below the mid-0.5900s after falling to hold above the 0.6000 barrier during the early Asian trading ho
urs on Tuesday. The rally of the US Dollar and higher US Treasury yield weigh on the Kiwi. The pair currently trades around 0.5938, down 0.13% on the day.
Earlier Tuesday, Federal Reserve Bank of Cleveland President Loretta Mester said that the Fed will likely need to hike rates one more time this year andGovernor Michelle Bowman said on Monday that it will likely be appropriate to raise the policy rate further and hold it at restrictive levels for some time.
On the Kiwi front, the Reserve Bank of New Zealand will announce its interest rate decision on Wednesday. Markets expect theto hold rates unchanged at 5.5%. However, traders will keep an eye on the statement following the meeting. Any hint about a further rate hike might limit the downside of the If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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