The post NZD/USD recovers from 0.5800, focus is on RBNZ meeting appeared on BitcoinEthereumNews.com.

NZD/USD rebounds from 0.5800 as the US Dollar gives back opening gains. Investors await the US PCE inflation for fresh Fed interest rate guidance. The RBNZ is expected to cut interest rates by 50 bps to 4.25%. The NZD/USD pair bounces back to near 0.5850 in Tuesday’s North American session after posting a fresh yearly low of 0.5800 in the opening session. The Kiwi pair recovers as the US Dollar (USD) surrenders its intraday gains triggered after United States (US) President-elect Donald Trump threatened to raise tariffs on other economies of North America from where he expects China to pour illicit drugs into the US economy. Trump said he would impose 25% tariffs on Mexico and Canada and 10% on China in addition to 60%, which was mentioned in his election campaign. The initial reaction from the US Dollar was bullish, however, it failed to hold gains. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, drops below 107.00. Meanwhile, investors await the Federal Open Market Committee (FOMC) minutes for the policy meeting held on November 7, which will be published at 19:00 GMT. In the policy meeting, the Fed reduced interest rates by 25 basis points (bps) to 4.50%-4.75%. This week, investors will pay close attention to the US Personal Consumption Expenditure Price Index (PCE) data for October, which will be published on Wednesday. Economists expect the inflation data to have accelerated from September readings on an annual basis. The month-on-month headline and core PCE inflation data are estimated to have grown steadily. The inflation data will significantly influence market expectations for the Federal Reserve’s (Fed) likely interest rate action in the December meeting. Going forward, the New Zealand Dollar (NZD) will be influenced by the Reserve Bank of New Zealand (RBNZ) interest rate…

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Filed under: News - @ November 26, 2024 4:24 pm