NZD/USD gains ground as the US Dollar (USD) faced downward pressure following the release of the Federal Reserve’s (Fed) Beige Book on Wednesday.
The NZD/USD has appreciated as the Fed's Beige Book indicated minimal changes in economic activity across nearly all districts. The US Dollar Index trades just below its recent high of 104.57, marking its strongest point since late July. The New Zealand Dollar may struggle due to the rising likelihood of another rate cut in November by the RBNZ . NZD/USD gains ground as the US Dollar faced downward pressure following the release of the Federal Reserve’s Beige Book on Wednesday.
The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
Majors Macroeconomics Newzealand RBNZ
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