NZD/USD trades around 0.5815 at the time of writing on Wednesday, little changed on the day, as investors digest a series of macroeconomic releases from China and the United States (US).
The pair remains broadly stable following Chinese data released during the Asian session
According to the National Bureau of Statistics of China, the Consumer Price Index (CPI) declined by 0.1% MoM in May, compared with a 0.3% increase previously. Meanwhile, the Producer Price Index (PPI) rose by 3.9% YoY, above market expectations of a 3.8% increase. These mixed figures failed to provide meaningful support to the New Zealand Dollar (NZD), which is often viewed as sensitive to developments in the Chinese economy.
Market attention has now shifted to the United States, where inflation continues to accelerate. Data released on Wednesday showed that the CPI increased by 4.2% YoY in May, up from 3.8% in April and in line with market expectations. On a monthly basis, inflation rose by 0.5%, also matching consensus forecasts.