NZD/USD bounces off its lowest level since November 2022, upside potential seems limited – by hareshmenghani NZDUSD RBNZ Fed RiskAppetite Currencies
er 2022. Spot prices, however, manage to recover a few pips and trade just below mid-0.6000s during the early European session, still down nearly 0.20% for the day.
In fact, the current market pricing indicates a greater chance of another 25 bps lift-off at the next FOMC policy meeting in June to combat stick inflation. The expectations were lifted by the recent hawkish remarks by several policymakers and the fact that the Fed's preferred inflation gauge, the Core PCE Price Index unexpectedly rose in April. This, in turn, continues to act as a tailwind for the Greenback and exerts some downward pressure on the NZD/USD pair.
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