NZD/USD falls further to 0.6140 as the Fed’s hawkish remarks improve the US Dollar’s appeal. Sost US inflation reports have prompted Fed rate-cut prospects for September. China’s weak data weighs on the New Zealand Dollar. The Kiwi asset declines to near 0.6140 as the US Dollar clings to gains amid a tug of war between Federal Reserve and market speculation for how much interest rates will be reduced this year.
The New Zealand economy is one of the leading trading partners of China, and the latter’s weak economic performance impacts the Kiwi dollar. NZD/USD declines while attempting to deliver a breakout of the Inverted Head and Shoulder chart pattern formed on a daily timeframe. The neckline of the above-mentioned chart pattern is marked near 0.6215. The asset has declined below the 20-day Exponential Moving Average near 0.6130, which indicates an uncertain near-term outlook.
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Source: FXStreetNews - 🏆 14. / 72 Read more »