NZD/USD continues to remain subdued for the third consecutive session, trading around 0.5660 during the European hours on Thursday.
NZD/USD extends its losing streak due to the hawkish tone surrounding the Fed’s policy stance. US weekly Initial Jobless Claims could show an increase of 220K for the previous week, up from the prior 217K. The New Zealand Dollar failed to gain momentum despite the fresh stimulus measures from New Zealand and China. The pair’s downside is attributed to thestronger US Dollar amid hawkish sentiment surrounding the US Federal Reserve’s policy stance.
Still, there are some unique particularities that also can make NZD move. 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.
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