The NZD/USD pair prolongs its weekly downtrend for the fourth consecutive day and drops to the 0.5755 area, or a fresh low since November 2022 during the first half of the European session on Friday.
NZD/USD drifts lower for the fourth straight day and is pressured by a combination of factors. The RBNZ ’s dovish tilt continues to weigh on the NZD on the back of US- China trade war fears. Bets that the Fed will pause its rate-cutting cycle underpin the USD and also weigh on the pair. The New Zealand Dollar continues with its relative underperformance on the back of a more aggressive policy easing by the Reserve Bank of New Zealand and concerns about China 's economic recovery.
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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