The NZD/USD pair gains traction near 0.6055 on Wednesday during the early European trading hours.
NZD/USD holds positive ground around 0.6055, adding 0.32% inWednesday’searly European session. Fed’sPowell said inflation might prove to be more persistent than expected, keeping the Fed to hold rate higher for longer. Westpac analysts anticipate the RBNZ will leave the OCR at 5.5% at its May meeting next week. The pair edges higher for the second consecutive day and holds above the key 100-day Exponential Moving Average , supported by the softer USD Index below the 105.00 level.
4% YoY in April, compared toan increaseof 2.1% in the previous reading.The April CPI data might offersome hints about future monetary policy by the Fed.The hotter inflation outcome could delay the rate cut timeline for this year and lift the Greenback against its rivals. On the Kiwi front, the Reserve Bank of New Zealand will hold its meeting next week. Westpac analysts expect the RBNZ will leave the Official Cash Rate unchanged at 5.5% at its May meeting.
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