The NZD/USD pair extended its losses to near 0.6110 during the Asian session on Friday.
NZD/USD extends losses due to the upward correction in the US Dollar. Fed remains cautious about inflation and potential rate cuts in 2024. The New Zealand Dollar could draw some support from higher PPI inputs and outputs for Q1. This decline can be attributed to the recovery ofthe US Dollar , which rebounded after hitting multi-week lows around 104.00 on Thursday. The Federal Reserve maintains a cautious stance regarding inflation and the potential for rate cuts in 2024.
On the Kiwi front, New Zealand's Producer Price Index inputs and outputs increased in the first quarter. PPI input prices rose by 0.7% compared to the expected 0.7%. While PPI output prices increased by 0.9% against the expected 0.5%. These higher-than-expected PPI figures could provide some support for the New Zealand Dollar , potentially limiting the downside of the NZD/USD pair.
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