The NZD/USD pair fails to capitalize on a modest Asian session uptick and currently trades around the 0.6175-0.6170 region, just above the two-week low set on Friday.
NZD/USD struggles to lure buyers amid a modest USD uptick and a softer risk tone. The mixed Chinese inflation figures do little to impress bulls or provide any impetus. The fundamental backdrop warrants caution before placing aggressive directional bets. The US Dollar gains positive traction on the first day of a new week and builds on Friday's recovery from over a one-week low, which, in turn, is seen acting as a headwind for the NZD/USD pair.
This, however, was below consensus estimates for a reading of 0.7%. Adding to this, China's Producer Price Index declined 1.8% YoY during the reported month as compared to the 0.8% drop registered in July and was worse than the market forecast of -1.4%. It, however, remains to be seen if the USD can build on the momentum amid growing acceptance that the Fed will start its rate-cutting cycle at the September 17-18 policy meeting.
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