The NZD/USD pair edges higher to near 0.6150 but trades inside Monday’s trading range in Tuesday’s European session.
NZD/USD trades in a tight range as investors turn cautious ahead of US inflation data. The US inflation data will influence market speculation for Fed’s interest rate cut size this month. China ’s weak deflation data weighs on antipodeans. The near-term outlook of the Kiwi asset remains uncertain as the United States Consumer Price Index data for August takes center stage, which will be published on Wednesday. Economists estimate the annual headline inflation to have decelerated to 2.6% from 2.
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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