The NZD/USD pair extends the rally near 0.5980 during the early Asian session on Wednesday.
NZD/USD gains momentum around 0.5980 in Wednesday’s early Asian session, gaining 0.54% on the day. New Zealand’s Unemployment Rate ticked higher to the highest since March 2021, rising to 4.6% in Q2 vs. 4.3 prior. Fed’s Daly expects interest rate cuts to come as the labor market weakens. The further upside of the New Zealand Dollar is bolstered by the upbeat New Zealand employment report. Traders trim bets on RBNZ, pivoting to rate cuts next week.
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.
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