NZD/USD rebounds from the recent lows after low-impact data from New Zealand.
Kiwi Card Retail Sales YoY and MoM grew by 1.6% and 1.7%, respectively, in January.
Traders price in a 37% and 51% probability of a 25 basis points (bps) rate cut by the Fed in May and June, respectively.
NZD/USD rebounds from the recent low at 0.6049 marked on Tuesday, recovering the losses and trading around 0.6080 during the European session on Wednesday. In the absence of the high-impact data from New Zealand, low-impact data showed better-than-expected results, which could have added support to underpinning the New Zealand Dollar (NZD), which in turn, acted as the tailwind for the NZD/USD pair.
Statistics New Zealand showed that Electronic Card Retail Sales grew by 1.6% YoY in January, against the previous decline of 0.6%. The monthly data also printed a positive reading of 1.7% in comparison with the previous month’s 1.7% decline. Furthermore, the Food Price Index (MoM) improved to 0.9% from the decline of 0.1% in December
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