NZD/USD bears prod 0.6300 on US Dollar strength, downbeat New Zealand data – by anilpanchal7 NZDUSD RiskAppetite FiscalPolicy Inflation Macroeconomics
iwi pair justifies the recently released downbeat data from New Zealand , as well as the sour sentiment. It’s worth observing that the commodity-linked pair dropped the most in a month the previous day amid broad US Dollar strength.
On the other hand, the US Producer Price Index improved to 0.2% MoM for April versus 0.3% expected and -0.4% prior. More importantly, PPI ex Food & Energy, known as Core PPI, rose on MoM but eased on YoY. Further, US rose by 264,000 to push the level to the highest level since October 2021, which in turn escalated the risk-off mood and favored the US Dollar.
It should be noted that the recently escalating market fears surrounding the US debt ceiling expiry and banking fallouts, seem to allow the US Dollar to brace for the first weekly gain in three.
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