NZD/USD trades around 0.6210 after pulling back from a seven-month high of 0.6236, marked on Friday.
NZD/USD retreats from a seven-week high of 0.6236, reached on Friday. The downside of the pair could be restrained due to the rising odds of a Fed rate cut in September. Fed Chair Powell stated at the Jackson Hole Symposium, The time has come for policy to adjust.” However, the downside of the NZD/USD pair could be limited due to the dovish sentiment surrounding the US Federal Reserve regarding its policy outlook.
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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