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NZD/USD is falling for the second straight day on Wednesday The NZD/USD pair closed in the negative territory on Tuesday and extended its slide during the first half of the day on Wednesday. As of writing, the pair was down 0.52% on a daily basis at 0.7216. On Tuesday, the sharp rebound witnessed in the US Treasury bond yields helped the greenback gather strength against its rivals during the American session. With the benchmark 10-year US T-bond yield rising 2% on the day, the US Dollar Index managed to post modest daily gains. The ISM Manufacturing PMI report revealed that the input price pressures continued to increase at an unprecedented pace in May and revived concerns over inflation, providing a boost to US T-bond yields.

There won't be any high-tier macroeconomic data releases featured in the US economic docket in the remainder of the day and the USD could continue to react to fluctuations in yields. Currently, the US Dollar Index is up 0.27% at 90.16. Later in the session, the US Federal Reserve its Beige Book and investors will keep a close eye on comments regarding inflation expectations. On Thursday, the ANZ Commodity Price Index from New Zealand will be looked upon for fresh impetus.