Kiwi declines after weak inflation data

Economies.com
2023-04-20 19:06PM UTC

New Zealand dollar fell on Thursday against most major rivals following weak inflation data. 

 

Government data showed New Zealand's consumer prices rose 6.7% y/y in the first quarter of the year, below estimates of 7.1%, and down from 7.2% in the previous quarter.

 

Kiwi fell 0.4% against US counterpart as of 19:04 GMT to 0.6173. 

 

Aussie

 

AUD/USD fell 0.5% to 0.6743 as of 19:04 GMT. 

 

Dollar

 

The dollar index fell 0.1% as of 18:48 GMT to 101.8, with a session-high at 102.1, and a low at 101.6. 

 

Earlier US data showed unemployment claims rose to 245 thousand week, above estimates of 240 thousand.

 

Markets continue to assess the impact of the latest US inflation data, which likely shows the Federal Reserve will increase interest rates by 0.25% in May.

 

New York Fed President John Williams said inflation remains an issue in the US, and vowed the Fed will move to suppress it.

 

Atlanta Fed President Raphael Bostic said the Federal Reserve still needs to increase interest rates by 25 basis points in May.

 

He said after such a decision, the Fed might cease any such moves and hold rates for a long term as it assess the policy's impact on the economy.

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