The NZD/USD pair posts modest gains around 0.6175 during the early Asian session on Wednesday.
NZD/USD trades stronger near 0.6175 in Wednesday’s early Asian session. The rising expectation that the Fed will start cutting rates from the September meeting weighs on the USD. The encouraging Chinese Caixin Manufacturing PMI supports the China-proxy NZD. The USD Index weakens to multi-week lows near 104.00 on the back of rising speculation of an interest rate cut by the Federal Reserve this year, which provides some support to the pair.
The USD will be determined by Wednesday’s US ISM services data, which is estimated to improve to 50.5 in May from 49.4 in the previous reading. The weaker reading could further weigh on USD and Treasury yields. On the Kiwi front, China’s manufacturing sector accelerates for the fourth consecutive month due to strong increases in consumer goods production. The Chinese Caixin Manufacturing PMI came in at 51.7 in May from 51.4 in the previous reading, above the market consensus of 51.5.
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