The NZD/USD pair extends the downside near 0.6110 on Monday during the early Asian trading hours.
NZD/USD remains on the defensive around 0.6110 in Monday’s early Asian session. New Zealand’s Trade Balance arrived at NZD $-10.05B YoY in May from the previous reading of $-10.22B. A The RBNZ’s hawkish bias could limit the downside for the Kiwi. New Zealand has been the weakest currency in this session amid the lack of catalysts. Meanwhile, the stronger US Dollar after the encouraging US Purchasing Managers Index data might weigh on the NZD/USD for the time being.
6 in June from a final reading of 54.5 in May. The Manufacturing PMI rose to 51.7 in the same reported period from 51.3 in May and was stronger than the expected 51. The Services PMI improved to 55.1 in June from 54.8 prior, beating the estimation of 53.7. The Greenback gains ground after stronger US PMI data. Meanwhile, Federal Reserve officials remain cautious, emphasizing that the central bank needs to see more progress on inflation before considering a rate cut.
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