The NZD/USD pair meets with a fresh supply on Friday and drops to a fresh daily low following the release of weaker Chinese trade data during the early European session.
A combination of factors prompts fresh selling around NZD/USD on Friday. Reduced Fed rate cut bets and geopolitical tensions lift the USD to YTD top. Weaker Chinese trade data drives flow away from antipodean currencies. Spot prices reverse the previous day's modest recovery gains and currently trade near the lower end of the weekly range, around the 0.5970-0.5975 region. Data published by the Customs General Administration of China showed that exports declined sharply, by the 7.
Apart from this, persistent geopolitical tensions turn out to be another factor benefiting the safe-haven buck, which, in turn, is seen exerting downward pressure on the NZD/USD pair. The fundamental backdrop, meanwhile, suggests that the path of least resistance for spot prices is to the downside and any attempted recovery is likely to get sold into. Market participants now look forward to the release of the Preliminary Michigan Consumer Sentiment Index.
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