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On May 28th, Federal Reserve Governor Lisa Cook stated in a speech at a Stanford University event that inflation is heading in the wrong direction, and she is prepared to raise interest rates if this continues. While Cook indicated she currently favors keeping borrowing costs unchanged and expects price growth to cool again in the coming months, her remarks align with the views of many Fed officials that accelerating inflation is now a greater policy concern than the labor market. Cook stated, "I want to be clear about my risk assessment: the risks still tilt towards higher inflation." Cook indicated that five years of inflation exceeding the Feds 2% target poses a risk that price pressures are embedded in price and wage setting behavior. "Therefore, if the expected process of inflation easing does not materialize in time, I am prepared to raise interest rates," she said.Reserve Bank of New Zealand Governor Brehman: Recognizing that it will take some time to see the impact of higher oil prices on the broader industry.Federal Reserve Governor Cook: It may take a long time to see structural changes in the economy brought about by artificial intelligence.The API reported that U.S. crude oil production increased by 629,000 barrels per day in the week ending May 22, compared with a previous weeks decrease of 78,000 barrels per day.U.S. refined product imports for the week ending May 22 (API) fell by 171,000 barrels per day, compared to 282,000 barrels per day in the previous week.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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