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NZD/USD posts modest gains below the 0.6000 barrier on softer US Dollar

March 25, 2024
in General
NZD/USD posts modest gains below the 0.6000 barrier on softer US Dollar
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NZD/USD gains ground around 0.5995 amid the softer USD. 
Fed’s Bostic said he expected just one rate cut this year due to persistent inflation and robust economic data. 
The IMF expects that New Zealand will likely lower its cash rate this year.

The NZD/USD pair posts modest gains below the 0.6000 barrier during the early European session on Monday. The modest uptick of the pair is backed by the weakening of the US Dollar Index (DXY) below the mid-104.00s. In the absence of top-tier economic data releases from New Zealand, the USD price dynamic will be the main driver for the NZD/USD pair. The pair currently trades near 0.5995, gaining 0.04% on the day. 

The Federal Reserve (Fed) held the benchmark rate to the 5.25%-5.5% range at its March meeting last week. The Fed Chairman Jerome Powell emphasized after that meeting that policymakers are likely to cut interest rates later this year, but only once they have greater confidence that inflation is moving toward its 2% target. That being said, the dovish remarks from the Fed officials might weigh on the US Dollar (USD) and create a tailwind for the NZD/USD pair in the near term. 

The US Fed maintained its outlook for the median dot plot for 2024 and hinted at three quarter-point rate cuts this year. However, Fed Bank of Atlanta President Raphael Bostic said on Friday that he expected just one interest rate cut this year instead of the two rate cuts he had forecast due to persistent inflation and stronger-than-anticipated economic data. 

On the Kiwi front, the International Monetary Fund (IMF) stated in the report that the Reserve Bank of New Zealand will have scope to start cutting interest rates later this year as inflation returns to its target band. IMF added that inflation in New Zealand is projected to return to its central bank’s 1-3% target in the third quarter of this year.

The Chicago Fed National Activity Index, US New Home Sales for February, and Fed’s Bostic speech are due on Monday. On Tuesday, the Durable Goods Orders will be released. The attention will shift to the release of US Gross Domestic Product Annualized on Thursday, which is expected to grow 3.2% in Q4. Traders will take cues from these events and find trading opportunities around the NZD/USD pair. 

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