NZD/USD extends its losses for the second successive session, trading around 0.6110 during the Asian session on Wednesday.
NZD/USD loses ground as traders adopt cautious stance ahead of key economic data this week. UOB Group analysts suggest that the New Zealand Dollar is expected to consolidate within a range of 0.6100 to 0.6140. The US Dollar receives support from the hawkish remarks from the Fed officials. The New Zealand Dollar struggles possibly due to risk aversion ahead of ANZ – Roy Morgan Consumer Confidence for June due and US Gross Domestic Product for the first quarter are set to be released on Thursday.
6140 range – UOB Group US Dollar Index , which measures the value of the US Dollar against the six other major currencies, extends its gains for the second successive session. The DXY trades around 105.70 with the higher 10-year yield on US Treasury bond trading at 4.26%, at the time of writing. Reuters cited Fed Governor Michelle Bowman repeating her view on Tuesday that holding the policy rate steady for some time will likely be enough to bring inflation under control.
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