NZD/USD holds ground near 0.6150 as RBNZ set to keep OCR unchanged

NZD/USD holds ground after NZIER Monetary Policy Shadow Board advised the RBNZ to keep the OCR unchanged at 5.5%. The US Dollar faces a challenge as softer US inflation sparked speculation about the Fed’s rate cuts in 2024. Fed’s Michelle Bowman suggested that the inflation decline last year was temporary and denied any further progress on this in 2024. The NZD/USD pair trades around 0.

According to the CME FedWatch Tool, the likelihood of the Federal Reserve delivering a 25 basis-point rate cut in September has slightly increased to 49.0%, up from 48.6% a week ago. This potential easing of monetary policy by the central bank could undermine the US Dollar and bolster the NZD/USD pair. Federal Reserve Board of Governors member Michelle Bowman made waves on Friday by suggesting that progress on inflation may not be as steady as anticipated.

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