The NZD/USD pair trades in negative territory near 0.5910 during the Asian session on Wednesday.
NZD/USD edges lower to around 0.5910 in Wednesday’s Asian session. The RBNZ is anticipated to cut its OCR by 50 bps next week. Geopolitical risks could boost the USD and create a headwind for NZD/USD. The rising expectations of interest rate cut by the Reserve Bank of New Zealand next week and geopolitical risks weigh on the riskier asset like the Kiwi. ANZ chief economist Sharon Zollner expects the RBNZ to cut its Official Cash Rate by 50 basis points next week, bringing the rate to 4.25%.
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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