The NZD/USD pair is stuck in a tight range near 0.6150 in Monday’s Asian session.
NZD/USD consolidates around 0.6150 with a focus on US Manufacturing PMI . China’s upbeat Manufacturing PMI data improves global economic outlook. The Fed is less-likely to start reducing interest rates from the September meeting. The Kiwi asset trades inside Friday’s trading range, suggesting indecisiveness among market participants ahead of a busy United States data-packed week.
Doubts over the Fed beginning to reduce interest rates from their current levels in September deepened after the US Personal Consumption Expenditure Price Index report for August showed that price pressures were stubbornly elevated. The core PCE inflation, which strips off volatile food and energy items and is the Fed’s preferred inflation gauge, grew steadily by 2.8%. However, on a month-on-month basis, the underlying inflation data rose at a slower pace of 0.
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