The NZD/USD pair trades lacklustre near the psychological level of 0.6000 in Tuesday’s European session.
NZD/USD trades sideways around 0.6000 as the US Dollar steadies after recovery. The speculation for the Fed lowering key interest rates from September strengthens after weak US NFP data. Weak NZ labor market data boosts expectations of early rate cuts by the RBNZ . The Kiwi asset consolidates as the US Dollar turns sideways above 105.00. The US Dollar Index rebounds sharply after correcting to near 104.
The CME FedWatch tool shows that traders see a 67% chance for a decline in interest rates from their current levels in September, which is significantly higher than the 46% chance recorded a week ago. Meanwhile, the upside in the New Zealand Dollar has stalled as investors see the Reserve Bank of New Zealand pivoting to interest rate cuts from the October meeting.
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