NZD/USD extends its losing streak for the third consecutive day, trading lower around 0.5890 during the Asian session on Tuesday. The pair is experien
cing downward pressure due to China’s downbeat Caixin Services PMI for August, which declined to the reading of 51.8 from 54.1 prior. The report reinforces worries about deteriorating economic conditions in the world's second-largest economy, which exerts downward pressure onAdditionally, the moderate labor growth in August and the recovery in US Treasury yields helped the buck to maintain its strength against the New Zealand Dollar .
The Kiwi pair was not able to cheer the market optimism due to China's stimulus measures and positive developments surrounding the Country Garden. China's largest property developer informed its creditors on Tuesday that it had successfully made a delayed interest payment. This will avoid an immediate default on its debts and ensure the company's financial viability, at least for the time being.
Moreover, investors appear to accept the potential approach of the end of the rate-hike cycle by the US Federal Reserve . This sentiment could encourage sellers of the NZD/USD pair to enter the market and weaken the currency pair further. Market participants expect that the Fed will keep interest rates unchanged during its policy meeting in September due to modest jobs data. Also,of Cleveland President Loretta J. Mester expressed support for the Fed's hawkish stance and dismissed any inclination towards rate cuts in a speech on Friday.
Market participants will likely watch the release of US Factory Orders scheduled to be released later in the North American session. On Wednesday, US ISM Services PMI will be eyed as it could provide valuable guidance to track the Greenback’s trajectory.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NZD/USD consolidates its losses near 0.5950, eyes on Chinese, US Services PMIThe NZD/USD pair consolidates its recent losses below the 0.6000 barrier during the early Asian session on Monday. The pair currently trades near 0.59
Read more »
NZD/USD sticks to modest gains around mid-0.5900s, upside potential seems limitedThe NZD/USD pair attracts fresh buying on the first day of a new week and stalls Friday's retracement slide from the 0.6015 area, or its highest level
Read more »
NZD/USD remains above 0.5950 as bulls stay on the sidelinesNZD/USD snaps the previous session’s losses, holding grounds above 0.5950 during the Asian session on Monday. The moderate data from the United States
Read more »
NZD/USD pressured amid subdued conditions, below 0.6000The New Zealand Dollar (NZD) losses some traction against the Greenback (USD) on thin liquidity conditions due to the observance of Labor Day in the U
Read more »
NZD/USD flat-lines near 0.5940 ahead of Chinese PMI dataThe NZD/USD pair trades sideways below the crucial 0.6000 barrier during the early Asian session on Tuesday. The US Dollar (USD) posts modest losses n
Read more »
NZD/USD drops to one-week low after weaker Chinese PMI, eyes 0.5900 on modest USD uptickThe NZD/USD pair attracts fresh sellers during the Asian session on Tuesday and drops to a one-week low, around the 0.5920-0.5915 region in reaction t
Read more »