NZD/USD has given up its recent gains from the previous two sessions, trading around 0.5680 during European hours on Monday.
NZD/USD weakens as risk aversion intensifies, driven by growing support among Trump’s advisers for imposing tariffs on Mexico and Canada. Trump announced plans to impose tariffs on Colombia; however, further action was averted as Colombia later agreed to all terms. The NZD remains under pressure following the release of mixed PMI data from China, New Zealand’s close trading partner.
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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