NZD/USD struggles to gain near the 0.6360 mark, eye on NZD inflation data NZDUSD Majors
Markets await the inflation data from New Zealand and the US Retail Sales for June for fresh impetus ahead of the upcoming Federal Open Market Committee meetings.
As expected, the Reserve Bank of New Zealand kept interest rates unchanged at 5.5%. The last time policymakers left interest rates unchanged was in August 2021. That said, Thursday’s Chinese data showed that Trade Balance came in at CNY 491.25 billion in June versus CNY 452.33 billion prior. Also, the Dollar value of China’s exports plunged 12.4% in June, missing the market consensus of a 9.5% decline and a 7.5% drop in May. Meanwhile, imports fell 6.8% versus 4.5% prior.
On the US Dollar front, the University of Michigan's Consumer Confidence Index rose to 72.6 from 64.4 in June, above the market consensus of 65.5. Additionally, the Producer released on Thursday showed the figure came in at 0.1%, worse than the expected 0.2%. The core PPI was 2.4%, below the estimation of 2.6%. Meanwhile, June's Consumer Price Index increased by 3.0% year on year, falling short of the expected 3.1% increase.
Looking ahead, market participants will focus on New Zealand’s Consumer Price Index data on Wednesday, with the annual rate expected to drop from 6.7% to 5.9%. Also, the US Empire State Manufacturing Index and Retail Sales will be released later in the week. Investors will digest these data as the Federal Reserve enters its blackout period ahead of the July 25-26 meeting.
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