NZD/USD remains on the defensive after Chinese inflation data, holds above mid-0.6000s – by hareshmenghani NZDUSD China Inflation Fed Currencies
ssion on Wednesday. Spot prices remain on the defensive, around the 0.6055-0.6060 region and move little in reaction to the Chinese inflation figures.
In fact, data published by China’s National Bureau of Statistics showed that the annual Consumer Price Index fell 0.3% in July as compared to a flat reading in the previous month and consensus estimates for a 0.4% decline. On a monthly basis, the headline Chinese CPI rose by 0.2% in July against the 0.1% drop anticipated. This, however, was offset by the weaker-than-expected, which contracted by 4.
That said, hopes for additional stimulus measures from China help limit the pessimism and lends some support to antipodean currencies, including the New Zealand Dollar . Apart from this, a mildly softer tone surrounding the US Dollar turns out to be another factor acting as a tailwind for the NZD/USD pair. Any meaningful USD downfall, however, seems elusive in the wake of firming expectations that the Federal Reserve will stick to its hawkish stance.
The bets were lifted by the closely-watched US monthly employment details released on Friday, which pointed to the continued tightness in the labour market. Moreover,Governor Michele Bowman on Monday kept the door for one more 25 bps lift-off in September or November and said that additional interest rate hikes will likely be needed to lower inflation to the central bank's 2% target.
Market participants also seem reluctant and might prefer to wait on the sidelines ahead of the latest US consumer inflation figures, due for release on Thursday. Nevertheless, the aforementioned fundamental backdrop seems tilted in favour of the USD bulls and suggests that the path of least resistance for the
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