The NZD/USD pair extends recovery near 0.5915 Asian trading hours on Wednesday.
NZD/USD trades on a stronger note around 0.5915 in Wednesday’s Asian session, up 0.17% on the day. China 's NBS Manufacturing PMI for July came in better than expected; Non-Manufacturing PMI was in line with the consensus. US Fed is widely expected to hold rate in the range of 5.25%-5.50% at its July meeting on Wednesday. The pair edges higher after the stronger-than-expected Chinese Manufacturing Purchasing Managers' Index data for July.
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.
Majors Macroeconomics China PMI
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