NZD/USD grinds higher past 0.6100 despite downbeat NZIER forecasts, US inflation eyed – by anilpanchal7 NZDUSD RiskAppetite CentralBanks Inflation GDP
NZIER revises down near-term outlook for New Zealand’s economy.Hawkish hopes from RBNZ, Fed seems to underpin the bullish bias during a quiet session.stays mildly bid after snapping a three-week downtrend, taking rounds to 0.6115-20 during Monday’s Asian session. In doing so, the Kiwi pair ignores downbeat results of the New Zealand Institute of Economic Research survey of economists, as well as the risk-negative headlines emanating from China amid a sluggish start to the week.
The update also mentioned that the annual CPI inflation is expected to be just above the Reserve Bank’s inflation target mid-point of 2 percent across the horizon. The NZIER also mentioned, “Annual CPI inflation hiked to 7.3 percent in the year to June 2022. It is expected to moderate to 4.8 percent in 2023 and ease to 2.1 percent in 2026.”
Furthermore, comments from US Treasury Secretary Janet Yellen and some of the prominent Fed policymakers should have also challenged the NZD/USD bulls of late. That said, US Treasury Secretary Janet Yellen mentioned that, during the CNN interview on Sunday, “Fed is going to need skill and luck to bring inflation down while maintaining labor market strength.
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