The NZD/USD pair bounces back to near 0.5880 in Thursday’s European session after a three-day losing spree.
NZD/USD rebounds to near 0.5880 as weak US Services PMI weighs on the US Dollar. Fed Powell said officials can afford to be cautious on interest rate cuts. The RBNZ is expected to cut its OCR by 50 bps in its first policy meeting of 2025. The Kiwi pair rebounds as the US Dollar drops due to weaker-than-expected United States ISM Services PMI data for November. Wednesday’s Services PMI data showed that activities in the services sector expanded at a slower-than-expected pace to 52.1 from 56.
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.
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