NZD/USD advances strongly to 0.6160 as the US Dollar slumps after US PCE Inflation grew as expected in April. Stubbornly elevated US inflation would dent Fed rate-cut bets for September. Investors shift focus to US ISM PMI and Employment data. The Kiwi asset witnesses significant buying interest as the US Dollar weakens after the United States Personal Consumption Expenditure Price Index report for April showed that price pressures grew in-line with estimates.
3% from the preliminary estimate of 1.6%. The US Dollar Index , which tracks the Greenback’s value against six major currencies, is down more than 0.3% around 104.40. Next week, investors will focus on the Manufacturing and the Services PMI, which will be published by the Institute of Supply Management and the Nonfarm Payrolls for May.
Fed PMI Inflation Dollarindex
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