NZD/USD struggles to reclaim 0.6170, upside seems favored amid correction in USD Index – by Sagar_Dua24 NZDUSD Fed Inflation RiskAversion PMI
S&P500 settled Monday’s session on a flat note, portraying a cautionary mood.
Investors have digested the fact that the Fed is going to hike interest rates one more time by 25bps.is struggling in recapturing the immediate resistance of 0.6170 in the early Asian session. The Kiwi asset displayed a stellar upside move on Monday after delivering a breakout of the consolidation formed in a range of 0.6125-0.6154.
The USD Index displayed a sheer sell-off after a breakdown of the consolidation formed in a 101.64-102.22 range. Investors have digested the fact that the Federal Reserve is going to hike interestone more time by 25 basis points as labor market conditions have not softened meaningfully, and economic activities are recovering.
Preliminary United States S&P PMI data released on Friday confirmed a solid economic recovery as Manufacturing PMI landed above 50.0 for the first time in the past few months, indicating an expansion. This solidified the need for further policy-tightening by the Fed. On the New Zealand Dollar front, investors pumped funds into the antipodean despite easing inflationary pressures in New Zealand. The quarterly Consumer Price Index accelerated by 1.2% vs. the consensus of 1.7% and the former release of 1.4%. Annual inflation softened to 6.7% while the street was anticipating a marginal deceleration to 7.1% from the prior release of 7.2%.would consider a pause in the policy-tightening spell as the inflation rate has made an intermediate peak.
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