NZD/USD HOLDS POSITIVE GROUND ABOVE 0.6050, NEW ZEALAND CPI EASES MORE THAN EXPECTED IN Q2
- NZD/USD trades on a positive note near 0.6065 in Wednesday’s early Asian session, up 0.23% on the day.
- New Zealand CPI inflation eased more than expected in the second quarter, triggering RBNZ rate cut expectations.
- US Retail Sales unchanged in June.
The NZD/USD pair trades on a stronger note around 0.6065 on the weaker US Dollar (USD) during the early Asian session on Wednesday. The New Zealand Dollar (NZD) edges higher after the release of the New Zealand Consumer Price Index (CPI) reading. Later in the day, the US Building Permits, Housing Starts, Industrial Production and the Fed Beige Book are due. The Federal Reserve’s (Fed) Barkin and Waller are also scheduled to speak.
Data released by Statistics New Zealand on Wednesday showed that the country’s Consumer Price Index (CPI) rose 0.4% QoQ in the second quarter (Q2), compared to 0.6% in the previous quarter. This figure was below analysts' forecasts of 0.6%. The annual rate of CPI inflation fell to its lowest rate in three years, coming in at 3.3% YoY in Q2 from a 4% rise in the 12 months to the March 2024 quarter
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