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The New Zealand dollar slipped to around $0.583, its lowest level in more than two weeks, pressured by a stronger US dollar and weak domestic data. The greenback extended its gains amid growing expectations that the Federal Reserve may resume its rate-hiking cycle. At the same time, New Zealand’s latest economic indicators signaled a loss of momentum. The services sector remained in contraction in April, despite a slight improvement in activity, while manufacturing growth slowed to a seven-month low as energy disruptions in the Middle East weighed on businesses. The Reserve Bank of New Zealand has so far been cautious about further tightening, with the economy only recently emerging from recession and still operating with significant spare capacity. Nevertheless, markets are pricing in roughly a 40% probability of a rate increase later this month, and a move in July remains fully priced in, as higher energy prices continue to stoke inflation concerns.
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