The NZD/USD pair posts modest gains below the 0.6000 barrier during the early European session on Monday.
NZD/USD gains ground around 0.5995 amid the softer USD. Fed’s Bostic said he expected just one rate cut this year due to persistent inflation and robust economic data. The IMF expects that New Zealand will likely lower its cash rate this year. The modest uptick of the pair is backed by the weakening of the US Dollar Index below the mid-104.00s. In the absence of top-tier economic data releases from New Zealand, the USD price dynamic will be the main driver for the NZD/USD pair.
However, Fed Bank of Atlanta President Raphael Bostic said on Friday that he expected just one interest rate cut this year instead of the two rate cuts he had forecast due to persistent inflation and stronger-than-anticipated economic data. On the Kiwi front, the International Monetary Fund stated in the report that the Reserve Bank of New Zealand will have scope to start cutting interest rates later this year as inflation returns to its target band.
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