NZD/USD:Hawkish Fed Rhetoric Weighs, Amid Inflationary Pressure
The NZD/USD was weighed down for the third time this week by the hawkish rhetoric of Federal Reserve officials. While Philadelphia Fed President Patrick Harker indicated that the Fed is nearing the end of its rate-hiking cycle, his colleague, Cleveland's Fed President Loretta Mester, suggested that rates should exceed 5% due to high inflationary pressures.
Furthermore, economic data from New Zealand has been lacking, with inflation reported lower than the Reserve Bank of New Zealand's estimates at 1.2% QoQ, potentially prompting the RBNZ to pause its tightening cycle. At its latest meeting, the RBNZ implemented a hawkish 50 bps hike.
As traders prepare for the weekend, the US economic docket will showcase Fed Governor Lisa Cook in the upcoming week.
On the technical side, the NZD/USD is currently under Bearish pressure, with a potential support level around the 0.61000 area, which could signal the start of a bullish impulse in price.
Furthermore, economic data from New Zealand has been lacking, with inflation reported lower than the Reserve Bank of New Zealand's estimates at 1.2% QoQ, potentially prompting the RBNZ to pause its tightening cycle. At its latest meeting, the RBNZ implemented a hawkish 50 bps hike.
As traders prepare for the weekend, the US economic docket will showcase Fed Governor Lisa Cook in the upcoming week.
On the technical side, the NZD/USD is currently under Bearish pressure, with a potential support level around the 0.61000 area, which could signal the start of a bullish impulse in price.
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