The NZD/USD pair printed a fresh five-day low marginally below 0.5900 as Federal Reserve (Fed) Chair Jerome Powell supported for raising interest rates further.
NZD/USD hovers near a five-day low around 0.5900 on hawkish commentary from Fed Powell . Fed Powell said that current interest rates don’t seem sufficiently restrictive to ensure price stability . The Chinese economy shifts into deflation due to poor consumer spending . The NZD/USD pair printed a fresh five-day low marginally below 0.5900 as Federal Reserve Chair Jerome Powell supported for raising interest rates further.
Therefore, hawkish commentary from Fed Powell was a surprise for market participants. Apart from Jerome Powell, interim St. Louis Fed President Kathleen O’Neill Paese said It would be unwise to suggest that further rate hikes are off the table. Meanwhile, global slowdown fears due to Middle East tensions and deflationary pressures in China have impacted the appeal of the New Zealand Dollar. Weak consumer spending due to lower employment has pushed the Chinese economy into a deflation.
NZD/USD Five-Day Low Hawkish Commentary Fed Powell Interest Rates Price Stability Chinese Economy Deflation Consumer Spending Federal Reserve Jerome Powell Interest Rate Hikes Policy Divergence Reserve Bank Of New Zealand RBNZ
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