The NZD/USD pair snaps the two-day winning streak around 0.6140 on Wednesday during the early Asian session.
NZD/USD loses ground near 0.6140 on Wednesday. A two-day FOMC meeting begins on Tuesday and ends on Wednesday with an expected hawkish hold. The RBNZ’s hawkish stance might support the Kiwi against the USD in the near term. Markets turn cautious ahead of the key US events, which provide some support for the Greenback. The US Consumer Price Index data and the FOMC monetary policy meeting will take center stage on Wednesday.
In case the report shows that US inflation remains elevated in May, this might prompt speculation about Fed rate cuts this year and could boost the US Dollar broadly. Inflation in New Zealand remains above the Reserve Bank of New Zealand’s 1-3% target band, although it is gradually moving down. However, the central bank is concerned about sticky domestic inflation and puts an increased chance of a future hike.
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