The NZD/USD pair weakens to near 0.5970 on Tuesday during the Asian trading hours.
NZD/USD edges lower to 0.5970 in Tuesday’s Asian session. Markets are widely expecting the Fed to cut rates by 25 bps when it announces its policy decision on Thursday. The RBNZ stated the economic conditions remain challenging and business is doing it tough. The modest recovery of the US Dollar and the remarks from the Reserve Bank of New Zealand weigh on the pair. Investors brace for the outcome of the US presidential election, which might trigger the volatility in the financial markets.
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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