NZD/USD slips to fresh two week lows below 0.6250 on soft US economic data By christianborjon NZDUSD Majors Macroeconomics Fed
The New Zealand dollar tumbles courtesy of a negative market mood and a bid US dollar.
US June’s CB Consumer Confidence dipped to a 10-year low on US citizens’ concerns about high inflation and slower growth.The NZD/USD ticks down and extends its losses to 1% in the week, amidst a negative , spurred by weaker than expected US consumer confidence slid to a decade low, as pessimism grows in North Americans about the US economic outlook. At 0.6242, the NZD/USD is also trading at new two-week lows at the time of writing.US equities remained under heavy pressure as the portfolio rebalancing continued. In the FX space, sentiment bolstered the safe-haven peers, in this case, the greenback and the CHF.
Additionally to that, Fed officials were crossing newswires. Mary Daly, the San Francisco Fed President, said that the Fed could address inflation while adding that, according to her, demand is “half of the cause of inflation” and said that the US would have slower growth. Before Wall Street opened, the New York Fed President John Williams said that officials would discuss whether to hike 50 or 75 bps the Federal funds rate in the next month on Tuesday. Williams added that policymakers would be data-dependent and do not foresee a recession in his baseline, though he acknowledged that the US economy might slow down.
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