The NZD/USD pair extends the rally around 0.6195 despite the weaker US Dollar (USD) on Thursday during the early Asian session.
NZD/USD trades in positive territory for the fourth consecutive day near 0.6195 on Thursday. Fed held interest rates steady at its June meeting but revised its outlook to one rate cut in 2024. The hawkish stance of the Reserve Bank of New Zealand’s continues to support the Kiwi against the USD. The NZD/USD pair extends the rally around 0.6195 despite the weaker US Dollar on Thursday during the early Asian session.
Fed Chair Jerome Powell saidthat the restrictive stance on monetary policy is having the effect on inflation that central bankers had hoped to see, but the Fed will wait to see sufficient progress. The Greenback recovers some lost ground following the hawkish hold of the Fed. On the other hand, China’s CPI inflation remained steady in May at 0.3% YoY, missing expectations for a 0.4% growth in the reported period. Meanwhile, China’s ProducerPrice Index declined 1.
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