The NZD/USD pair remains under selling pressure around 0.5880 on Friday during the early European session.
NZD/USD attracts some sellers near 0.5880 on the renewed USD demand on Friday. US officials revealed that Israel carried out military strikes against Iran, boosting safe-haven currencies like the USD. The annual inflation rate in New Zealand remains above the central bank target range, keeping the RBNZ holding rates longer. The risk-off environment amid the escalating tension between Israel and Iran lifts the Greenback and weighs on NZD/USD. Meanwhile, the US Dollar Index edgeshigherabove 106.
Apart from this, the higher possibility that the US Federal Reserve might delay interest rate cuts further provides some support to the USD. Several Fed officials agreed that US inflation remains high and that the US central bank needs more confidence in its trajectory. On the Kiwi front, datareleasedfrom Statistics New Zealand showed that thenation’sinflation has continued to fall.However, it remains above the Reserve Bank of NewZealand’s target range of 1to 3%.
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