The NZD/USD pair surrenders its intraday gains and turns negative in the early New York session on Thursday.
NZD/USD falls sharply to 0.6060 as the US Dollar sees a sharp recovery. The S&P Global reports that preliminary Manufacturing PMI surprisingly rose to 52.5 in March. The Q4 NZ GDP shows that the economy was in a technical recession in the second half of 2023. The Kiwi asset falls back as the US Dollar rebounds sharply from its five-day low of 0.6060. The US Dollar Index rises strongly to 103.76 as the Federal Reserve has revised United States Gross Domestic Product forecasts higher for 2024.
The appeal for risk-perceived assets has weakened despite firm market expectations for the Fed to reduce interest rates after the June policy meeting. The CME FedWatch tool shows that there is a little over 74% chance that a rate cut will be announced in June, which is significantly up from the 59% recorded before the Fed’s meeting. On the Kiwi front, Statz NZ has reported that the economy was in a technical recession in the second half of 2023.
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