The NZD/USD pair remains under some selling pressure for the sixth successive day on Thursday and trades around the 0.5920 area during the Asian session, just above its lowest level since early May touched the previous day.
NZD/USD trades with a negative bias for the sixth straight day amid worries about China . The risk-off impulse further contributes to driving flows away from the risk-sensitive Kiwi. Dovish Fed expectations keep the USD bulls on the defensive, albeit do little to lend support. Traders now look to the US Q2 GDP for a fresh impetus ahead of the US PCE data on Friday.
The crucial data will play a key role in influencing the Fed's policy path, which, in turn, will drive the USD demand in the near term and provide a fresh directional impetus to the NZD/USD pair. Nevertheless, the aforementioned fundamental backdrop seems tilted in favor of bearish traders, suggesting that any attempted recovery might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly.
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