The New Zealand dollar traded around $0.594 on Wednesday, hovering near its lowest level in more than three weeks, weighed down by a strengthening US dollar. The greenback extended its gains after US consumer inflation picked up in June, prompting traders to pare bets on Federal Reserve rate cuts in the coming months. The kiwi also shrugged off better-than-expected second-quarter GDP data from China, New Zealand’s largest trading partner. On the local front, the Reserve Bank of New Zealand left its official cash rate unchanged at 3.25% last week, as widely expected, but continued to signal more cuts on the horizon. Data released earlier in the week showed subdued activity in both the manufacturing and services sectors.
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