The NZD/USD pair finds some buying interest after posting a fresh almost two-month low near 0.6040 on Wednesday.
NZD/USD sees more downside as soft NZ inflation has prompted RBNZ dovish bets. The US Dollar refreshes a two-month high as the Fed is expected to cut interest rates gradually. NZD/USD declines below the 200-day EMA. The near-term outlook of the Kiwi pair remains vulnerable as the New Zealand Q3 Consumer Price Index decelerated expectedly. Annualized CPI rose by 2.2%, as expected, slower than 3.3% in the similar quarter of the previous year.
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. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
RBNZ Fed Inflation Supportresistance
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