NZD/USD trades around 0.5990 during the Asian session on Wednesday, marking a second consecutive day of losses.
NZD/USD continues to lose ground due to the sentiment of the Fed prolonging higher interest rates. The higher US Treasury yields contribute support for the US Dollar. The Kiwi market seems unsettled in anticipation of critical data releases from its primary trading partner, China. This decline is likely influenced by the Federal Reserve's sentiment of maintaining higher interest rates for an extended period.
Last week, signals from the Reserve Bank of New Zealand indicated an intention to postpone any move toward monetary easing until 2025, citing higher-than-anticipated inflation pressures in the first quarter. This stance could offer support for the New Zealand Dollar . Moreover, the Kiwi market appears unsettled ahead of crucial data releases from its primary trading partner, China. This includes Thursday's Trade Balance data for April and Consumer Price Index readings on Saturday.
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