The New Zealand dollar weakened against other major currencies in the late Asian session on Wednesday, as Asian markets traded lower, as surging crude oil prices renewed global inflationary pressures amid the re-escalation in the Middle East conflict following the U.S. rejection of Iran's peace proposal. Hotter-than-expected US inflation data also reinforced expectations for tighter U.S. Fed policy.
The Fed could keep interest rates elevated for longer, while lingering uncertainty over US-Iran peace talks and surging crude oil prices tied to the Middle East conflict continued to weigh on sentiment.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.