The NZD/USD trades on a flat note around the 0.6000 mark during the early Asian session on Tuesday.
NZD/USD hovers around 0.6000 in Tuesday’s early Asian session. The US February New Home Sales came in at -0.3% MoM vs. 1.7% gain in January, weaker than expected. Concerns over stunted economic growth and the slump in the GDP numbers weigh on the Kiwi. The USD Index retreats from the recent peaks and remains above the 104.00 mark. Investors await the US February Personal Consumption Expenditures Price Index data, which might offer some hints about underlying momentum in inflation.
5% odds that the Fed will cut rates in June. On the other hand, New Zealand’s economy entered a technical recession in the final quarter of 2024, driven by weak consumer spending and wholesale trade. This, in turn, weighs on the New Zealand Dollar and creates a headwind for the NZD/USD pair. Additionally, the weaker-than-expected GDP growth numbers might convince the Reserve Bank of New Zealand to cut the official cash rate sooner than expected.
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