The NZD/USD pair recovers its intraday losses and rises to near the round-level resistance of 0.6100 in Friday’s American session.
NZD/USD rebounds strongly to 0.6100 on an expected decline in the US core PCE Inflation data for May. Annual US core PCE declined to 2.6% from 2.8% in April. Cooling US inflation figures have boosted Fed rate-cut prospects. The Kiwi asset gains as the US Dollar declines after the United States Personal Consumption Expenditure inflation report showed that price pressures softened expectedly in May. The PCE inflation report showed that inflation decelerated to 2.6% from the prior release of 2.
policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.
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