The NZD/USD pair softens to around 0.5940 during the early Asian trading hours on Thursday.
NZD/USD drifts lower to near 0.5940 in Thursday’s early Asian session. Trump trades continue to underpin the US Dollar; the attention will shift to the Fed rate decision. The rising bets of an aggressive RBNZ rate-cutting cycle might weigh on the Kiwi. The bearish sentiment for the New Zealand Dollar remains intact as markets priced in a victory for former President Donald Trumpin the US presidential election. The firmer US Dollar is supported by Trump's victory in the US election.
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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