The NZD/USD price popped to the highest point since July 8th as investors reflected the strong New Zealand consumer inflation data. The pair jumped to a high of 62 cents, which was about 2% above the lowest level last week. However, this price is about 5.93%, below the highest point in June.
NZD/USD price continued its recovery process as investors reacted to the latest New Zealand inflation data. According to the country’s statistics agency, the headline CPI rose from 6.9% in Q1 to 7.3% in Q2 as the cost of energy and food continued surging. It was the biggest increase since 1990 and was also significantly higher than the median estimate of 7.1%.
Notably, New Zealand’s inflation dropped slightly on a quarter-on-quarter basis. It moved from 1.8% to 1.7%, which was higher than the median estimate of 1.5%. The broader inflation is significantly higher than the RBNZ target of 2.0%.
The strong New Zealand inflation data came a week after the Reserve Bank of New Zealand decided to hike interest rates by 0.50%. This year’s third half-a-point increase brought the Official Cash Rate to about 2.5%. Therefore, with inflation surging, analysts believe that the RBNZ will deliver 0.50% hikes in all the remaining meetings of the year.
NZD/USD Long (Buy) Enter at: 0.61952 T.P_1: 0.62165 T.P_2: 0.62914 T.P_3: 0.63956 T.P_4: 0.65329 S.L: 0.61072
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