NZD/USD sellers approach 0.6100 as US inflation renews recession fears – by anilpanchal7 NZDUSD RiskAppetite Fed Inflation Recession
s Asian session. The Kiwi pair’s latest weakness could also be linked to the Reserve Bank of New Zealand’s failure to impress bulls even with the 50 basis points rate hike.
A 40-year high in the US inflation joined a larger-than-life rate hike from the Bank of Canada propelled market fears of inflation and recession of late. That said, US Consumer Price Index for June jumped to the highest level in 40 years to 9.1% YoY versus 8.8% expected and 8.6% prior. The Core CPI, which excludes volatile food and energy prices, eased to 5.9% from 6% prior but crossed analysts' forecast of 5.8%.
Recently, Richmond Federal Reserve President Thomas Barkin conveyed his support for higher rates in the last meeting. On the same line, Cleveland Federal Reserve President Loretta Mester also said, “The data on CPI does not suggest a rate hike in July any smaller than that in June.”
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