NZD/USD edges lower due to the hawkish sentiment surrounding the Fed. CME FedWatch Tool suggests the odds of a Fed rate cut in September have decreased to nearly 49.0%. The New Zealand Dollar may limit its downside as RBNZ is expected to maintain tightening policy for longer. US Dollar gains ground against the Kiwi Dollar as investors adopt a cautious stance ahead of the Federal Reserve’s interest rate decision scheduled on Wednesday.
The robust US jobs data for May has reduced the likelihood of the two Fed rate cuts in 2024. On the Kiwi front, traders are likely awaiting China’s CPI and PPI reports on Wednesday for insights into the economic conditions of New Zealand’s largest export market. High interest rates in New Zealand have continued to provide sustained support to the New Zealand Dollar despite a weakening economy.
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