The 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
In fact, a private survey showed that business activity in China's services sector expanded for an eighth straight month in August, albeit at the slowest pace in eight months. The Caixin/S&P Global Services PMI dropped from 54.1 in July to 51.8 last month, marking the lowest reading since December 2022.
Apart from this, the emergence of some US Dollar buying turns out to be another factor exerting some downward pressure on the NZD/USD pair. That said, growing acceptance that the Federal Reserve is nearing the end of its rate-hiking cycle might hold back the USD bulls from placing aggressive bets and help limit the downside for the major.
This, along with the latest optimism over more stimulus measures from China, which remains supportive of a generally positive tone around the equity markets, could act as a tailwind for the risk-sensitive Kiwi. The NZD/USD could further draw support from the fact that S&P Global Ratings downplayed the possibility of a credit rating downgrade remains for New Zealand, despite some challenges with the fiscal deficit and the current account deficit.
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