NZD/USD extends the rally above 0.6100 as Fed rate cut bets rise

• NZD/USD gathers strength to near 0.6105 in Wednesday's early Asian session. 
• Financial market bets rose after the Fed's Powell said US central bank could start rate cuts as soon as this month.
• US job openings rose 374,000 to 7.769 million in May, better than estimated. 

The NZD/USD pair attracts some buyers to around 0.6105 during the early European session on Wednesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) as the Federal Reserve (Fed) rate cut bets rise. The US ADP Employment Change report for June will be in the spotlight later on Wednesday. 

Late Tuesday, Fed Chair Jerome Powell reiterated that the US central bank will wait for more data before it starts monetary policy easing, but he did not rule out a rate reduction in the July meeting. Short-term interest-rate futures pointed to about a one-in-four chance of a rate cut by the July meeting after the comments, up from less than one-in-five earlier, according to the CME FedWatch tool. 

Additionally, the upbeat Chinese economic data provides some support to the China-proxy Kiwi, as China is a major trading partner of New Zealand. China's Caixin Manufacturing Purchasing Managers Index (PMI) rose to 50.4 in June from 48.3 in May, surpassing expectations of 49.0. The 50 mark separates growth from contraction.

On the other hand, US job openings unexpectedly rose in May, underpining the Greenback. Data released on Tuesday showed that US JOLTS Job Openings rose to 7.76 million in May, compared to 7.395 million openings reported in April. This figure came in above the market expectation of 7.3 million.