Contrary to expectations, the New Zealand Dollar was driven by strong downside momentum during the second part of Wednesday's session. The decline occurred after the Federal Reserve announced interest rate increased.
The Bureau of Labor Statistics released Consumer Price Index data that came out in line with a forecast of 0.2%, staying unchanged from the previous period. "The slow but steady upward pressure on inflation could tilt a majority of policymakers to lift their suggested interest rate forecast," said Sal Guatieri, a senior economist at BMO Capital Markets.
However, bulls have regained some of it lost position and that gains might continue today.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.