India, May 13 -- 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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