NZD/USD Hits One-Month High on Softer US Inflation Figures
The New Zealand dollar rose to a one-month high of 0.5840 against the US dollar on Tuesday after softer-than-expected US June inflation data showed headline Consumer Price Index slowing to 3.5% in June from 4.2% May and monthly CPI falling 0.4% from 0.5%, weighing on the greenback. US companies hired an average of 19,750 workers each week during the four weeks ending June 27, the ADP Research Institute reported on Tuesday. In Tuesday's G10 trading, NZD rose against all other currencies, except the Norwegian krone. The mild event for the kiwi will be the Food Inflation for June, due on July 17. For the USD, the major events will be the multiple speeches from the Federal Reserve members, including the Vice Chair for Supervision, Michelle Bowman, due later in the day. The NZD/USD pair was trading at 0.58244, with a 1.29% gain during Tuesday's American trading hours at the time of writing.
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The Canadian dollar rose to a one-month high of 1.4055 against the US dollar on Tuesday, driven by below-expected US June inflation data, which showed the headline Consumer Price Index slowing to 3.5% from 4.2% in May.
On a monthly basis, consumer prices dropped 0.4% in June from a 0.5% rise in May.
Brent crude, a close measure of oil prices, grew 4% to trade at $86.64 on Tuesday.
West Texas Intermediate followed the upside trend with a 3.17% gain to trade at $80.63.
In Tuesday's G10 trading, the CAD showed mixed performance among other currencies.
The mild-impact event for the loonie will be the Manufacturing and Wholesale data for May, due on Wednesday.
For the USD, the major events will be the multiple speeches from the Federal Reserve members, including the vice chair for supervision, Michelle Bowman, due later in the day.
The USD/CAD pair was trading at 1.40606, with a 0.68% decline during Tuesday's American trading hours at the time of writing.