The NZD/USD is currently traded at 0.5977, reflecting a decrease of 0.43%.
Governor Orr was seen dovish, which seems to be applying pressure to the NZD. GDP and Initial Jobless Claimscushion the USD. Weak Chicago PMI figures limit the upside. Markets adjusted their expectations for a June rate cut which also adds strength to the USD. The pair's movement was influenced by somewhat dovish comments from the Reserve Bank of New Zealand Governor Orr and by mixed data from the US.
Governor Orr commented that inflation is normalizing while aggregate demand is slowing which would lead to a low and stable inflation on the horizon in hand with normalized interest rates. As a reaction markets are betting on 75 bps of easing in 2024, while the hinted that the first cut would come in 2025 and as long as markets underestimate the bank, the NZD may suffer additional losses. On the USD side, The recent release of Initial Jobless Claims data showed figures slightly below the consensus, with 210K reported against the anticipated 215K for the week ending on March 23. Additionally, the Q4 Gross Domestic Product was revised upwards, showcasing a yearly growth of 3.4%.
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