The Australian and New Zealand dollars experienced significant declines on Wednesday as a result of higher-than-expected U.S. inflation rates, causing a reevaluation of early interest rate cuts. The Australian dollar fell to its lowest level in three months at $0.6453, while the New Zealand dollar struggled at $0.6054. This comes after a hotter-than-expected U.S. inflation report, which pushed out the anticipated timing of the first rate cut from the Federal Reserve to June instead of May. Traders have also adjusted their expectations for easing measures in Australia, with only one rate cut predicted this year. Additionally, there is a possibility of the Reserve Bank of New Zealand raising rates in May before implementing a cut in 2024. Bond futures in both countries also experienced declines. These economic developments have raised concerns about the resurgence of inflation and its impact on the market.
Australian and New Zealand Currencies Plunge as U.S. Inflation Shocks, Rate Cuts Delayed
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