NZD/USD dives after US PCE suggests further Fed rate hikes needed – by christianborjon NZDUSD Majors Macroeconomics UnitedStates Inflation
Sentiment in the FX markets deteriorated on news that US PCE is closing to the 7% threshold.The NZD/USD retraces from four-week highs hit around 0.6328, towards the 0.6270s area, amidst an upbeat market mood with globalrallying, despite the Fed’s favorite inflation gauge, approaching the 7% threshold, signaling that further rate hikes are yet to come.
On the New Zealand dollar side, an absent economic calendar during the week left the kiwi adrift to market sentiment and US dollar dynamics.The New Zealand economic docket would feature the Global Dairy Trade Price Index, alongside Employment data and Business Inflation Expectations. On the US front, the calendar will be packed. On Monday, the S&P Global and ISM Manufacturing PMIs will shed some light on the ongoing slowdown in the US economy.
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