Forex Today: Dollar strengthens further, Kiwi tumbles – by MSalordFX DollarIndex Currencies Majors EURUSD
eiling drama. No major reports are due in the Asian session. Later in the day, Germany and the US will release new estimates for Q1 GDP. The weeklyIndex rose for the third consecutive day and recorded its highest daily close since March 17, just below 104.00. The ongoing risk aversion sentiment continues to support the US Dollar. Wall Street indexes experienced another drop, with the Dow Jones falling 0.77% and reaching its lowest level since late March.
In the UK, data showed that inflation dropped to 8.7% in April, the lowest level since March 2022, but still higher than the market consensus of 8.2%.staged a short-lived recovery but then continued its downward movement, falling to one-month lows near 1.2360.Today's inflation data was a shocker. Core inflation is proving far more persistent than expected, and the UK is now a clear outlier vs other major economies.
The Reserve Bank of New Zealand raised interest rates by 25 basis points to 5.5% and signaled an end to monetary policy tightening. As a result, the Kiwi tumbled, extending its losses throughout the day. The currency was the worst performer, with NZD/USD losing over a hundred pips and falling to 0.6100. Meanwhile, AUD/NZD surged above 1.0700.also succumbed to the strength of the US Dollar and was further dragged down by the Kiwi's decline, technical factors, and a slide in commodities.
will have its meeting on Thursday, and analysts anticipate a 50 basis point interest rate hike to 8.25% due to the recent slide in the value of the South African Rand. Meanwhile, they is expected to keep its interest rates unchanged at 8.50% ahead of the presidential runoff elections on Sunday. The
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