NZD weakens amid global risk aversion
The New Zealand Dollar has extended its losing streak for the fifth successive day, trading around 0.5810.
New Zealand’s annual inflation accelerated to 4.1% in Q2, topping market expectations of 4.0% and the central bank’s forecast of 3.9%.
The hot inflation reading has reinforced market expectations that the Reserve Bank of New Zealand will deliver another interest rate hike in September, with over 69% odds of at least a 25 basis-point rate hike at the upcoming meeting.