NZD/USD continues to gain ground for the second consecutive day, hovering around 0.5930 during the early European session on Thursday.
NZD/USD extends gains as the US Dollar faces challenges on subdued Treasury yields. The latest inflation data from New Zealand offers the RBNZ greater flexibility to consider interest rate cuts. Fed’s Mester acknowledged that the central bank needs additional assurance before confirming the sustainability of 2% inflation. The decline in the US Dollar contributes support for the NZD/USD pair, which could be attributed to the improved risk sentiment.
In addition, US Federal Reserve Chair Jerome Powell commented on Tuesday that recent data indicates limited progress in inflation this year, suggesting an extended period before reaching the 2% target. This statement potentially signals a hawkish sentiment surrounding the Fed’s upcoming policy decision, which could provide support for the US Dollar, consequently, limiting the advance of the NZD/USD pair.
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