NZD/USD stays firmer past 0.6500 on better-than-forecast New Zealand Inflation – by anilpanchal7 NZDUSD Inflation RiskAppetite Currencies Fed
NZ CPI came in 7.2% YoY, 1.2% QoQ versus 7.1% and 1.3% expected respectively.NZD/USD begins Wednesday’s trading on a firmer footing on upbeat New Zealand inflation data, initially poping up to 0.6525 before retreating to 0.6500 by the press time. Adding strength to the Kiwi pair’s run-up could be the US Dollar’s failure to keep the late Tuesday’s gains amid dovish bias for the Federal Reserve’s next move. for the fourth quarter rose past 7.1% YoY market forecast to reprint the 7.
That said, receding odds of the Federal Reserve's hawkish play in the next week’s monetary policy meeting, mainly due to the recently downbeat US data seemed to have weighed on the US Treasury bond yields, as well as the US Dollar. It should be noted that the mixed earnings report and sentiment portrayed Wall Street’s mixed close on Tuesday.
Having witnessed the initial reaction to New Zealand inflation data, which is not much alarming, the NZD/USD pair traders may wait for Australia’s CPI and NZ Credit Card Spending data for December for immediate directions.A six-week-old ascending resistance line near 0.6535 restricts immediate NZD/USD upside amid nearly overbought RSI conditions.
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