The NZD/USD pair extends the rally near 0.6260 during the early European session on Friday.
NZD/USD trades in positive territory around 0.6260 in Friday’s early European session. The upbeat US GDP growth report supports the USD, but higher Fed rate cut bets might cap its upside. The optimism in New Zealand’s business confidenceboosts the Kiwi. The pair is set to close weekly gains for the fifth consecutive week, bolstered by firmer speculation that the Federal Reserve will start easing its monetary policy in September.
Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. 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.
Majors Macroeconomics Newzealand
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