NZD/USD was trying to recover some ground after falling to as low as 0.6193 the prior day and reached a high of 0.6233 before collapsing yet again to mark a fresh low of 0.6184.
Despite a soft across most other currencies, the Kiwi took the brunt of the selling on Tuesday with little rhyme nor reason behind the moves other than the escalating US-China tensions over Taiwan. China simulated precision strikes against key targets on and around Taiwan on Monday, the 2nd day of exercises near the island.
Domestically, the Reserve Bank of New Zealand said in its latest meeting minutes that it is expecting to see a further easing in domestic demand as well as a slowdown in core inflation and inflation expectations. However, last week, the central bank delivered a larger 50bps rate hike amid overheated inflation and employment and shattered market consensus of a 25bps rise. The central bank also said in its April monetary meeting minutes that there is no material conflict between lowering inflation and maintaining financial stability in New Zealand. The RBNZ called out a larger inflationary impact from the cyclone rebuild and upside risks to the fiscal outlook and does not want to see any fall in lending rates.
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