NZD/USD weakens around 0.6120 on Tuesday amid the USD softness, down 0.11% on the day. Fed’s Daly said the Fed should cut rates before policymakers are confident that inflation is headed towards 2%. The expectation the RBNZ will cutrates earlier than projected exerts some selling pressure on the Kiwi. The NZD/USD pair trades on a softer note near 0.6120 despite the weaker US Dollar during the early Asian trading hours on Tuesday.
Daly further stated that the labour market, albeit strong, might face rising unemployment if inflation remains persistent. On the Kiwi front, the Reserve Bank of New Zealand forecast during its last policy meeting in May that the central bank wouldn’t start cutting its Official Cash Rate from 5.5% until the third quarter of next year as inflation remains elevated. Nonetheless, many analysts expect the beginning of the rate cut in early 2025.
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