Kiwi declines 2% following data

Economies.com
2023-05-12 19:41PM UTC

‏New Zealand dollar fell on Friday following data that bolstered the case for a pause in the central bank's monetary policies. 

 

New Zealand's inflation forecasts rose 2.79%, slowing down from the previous reading's 3.30%. 

 

On trading, the New Zealand dollar fell 1.7% against US counterpart to 0.6193 as of 20:38 GMT. 

 

Pound

 

Sterling fell 0.5% against dollar as of 20:39 GMT to 1.2450. 

 

Recent government data showed UK economy grew 0.1% in the first quarter of the year in line with expectations, while declining 0.3% in March as the services sector shrank. 

 

The Dollar

 

The dollar index rose 0.6% as of 18:59 GMT to 102.6, with a session-high at 102.7, and a low at 101.9.

 

CNBC sources said a meeting between US President Joe Biden and Congress leaders on the debt ceiling crisis was delayed to next week.

 

Such delay reflects the ongoing division between both sides as Republicans refuse an increase to the debt ceiling without spending cuts.

 

The White House has repeatedly warned from a catastrophic default crisis in upcoming months. 

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