New Zealand Credit Card Spending (June 2025) +0.9% y/y
vs. prior +2.0%
Data from the Reserve Bank of New Zealand.
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NZD/USD has been climbing all day, with USD weakness seen across the board. This seemd to work as a catalyst:
Fed’s Waller says the FOMC should cut interest rates by 25bp at the July meeting
Which doesn’t make a lot of sense to me, he is one vote of 12.
Bowman is also a dove in favour of a cut.
That’s two votes.
Everyone else we’ve heard from the Federal Open Market Committee (FOMC) seems content to remain on hold.
A cut is not imminent.
We’ll get some silence from the lot of them for the next two weeks soon:
Did Waller get the last word? Federal Reserve blackout ahead of July meeting begins soon.
This article was written by Eamonn Sheridan at www.forexlive.com.