NZD stretches higher to near 0.5980 on dovish comments from Fed’s Powell, US ISM PMI eyed

NZD/USD gains ground as the Fed is expected to initiate rate cuts from June. Fed Chair Powell noted that the recent US inflation data confirms the Fed's position on rate cuts in 2024. NZD cheers encouraging Chinese Purchasing Managers Index PMI figures. The NZD/USD pair responded positively to the dovish comments made by Federal Reserve Chairman Jerome Powell on Friday.

Furthermore, RBNZ Governor Adrian Orr has indicated that the central bank is making progress towards bringing inflation back within the target range, while also suggesting that interest rates have reached their peak and rate cuts are becoming increasingly likely. Additionally, the Kiwi Dollar was bolstered by positive Chinese Purchasing Managers Index figures, revealing that Chinese manufacturing activity witnessed its first expansion in six months in March.

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