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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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.