NZD/USD recovers from multi-month lows following weak US PMIs NZDUSD PMI
NZD/USD jumped to its highest level since May 26 around 0.6085 after bottoming at November lows last weekThe NZD/USD traded with gains at the beginning of the week near 0.6070, fueled by poor economic data from the US, which sparked a
sell-off. In reaction to the data, markets are perceiving a stronger case for the Federal Reserve not hiking rates in the upcoming meeting on June 13-14 making the US bond yields decline.The US Institute for Supply Management Service PMI came in at 50.3 in May vs the 51.5 expected and decelerated from its previous figure of 51.9. In addition, the S&P Global Composite final estimate for the same month slid to 54.3 vs the 54.5 expected from the last reading of 55.1.
Following the disappointing data, US bond yields have declined throughout the yield curve. The 10-year bond yield has fallen to 3.69%. Similarly, the 2-year yield stands at 4.48%, while the 5-year yield sits at 3.83%, which weighs on the US Dollar. According to the CME FedWatch Tool, investors are currently assigning a 77.10% probability to the Federal Reserve maintaining the target rate at 5.25% and not implementing an interest rate hike in the upcoming June 13-14 meeting. However, it is worth highlighting that the Fed's primary objective of achieving full employment and price stability remains steadfast.
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