NZD/USD Jumps Above 0.6060 as US Dollar Gets Weaker Again
The New Zealand Dollar (NZD) is going up against the US Dollar (USD). The pair crossed 0.6060 and is now trading close to 0.6080. This is the sixth day in a row that NZD/USD has moved higher. The main reason is that the US Dollar is getting weaker.
Good news from China also helped the Kiwi. China’s factory and services data showed signs of recovery. Since China is New Zealand’s big trading partner, any good news from China is good for the Kiwi too.
At the same time, traders believe that the US central bank (the Fed) might cut interest rates in September. This idea is making the US Dollar less attractive and giving the New Zealand Dollar more strength.
People are also watching what Fed members like Bostic and Goolsbee will say today. Their words could change market direction.
On the chart, NZD/USD has gone above 0.6060. If the trend continues, it could reach 0.6100. But if it drops below 0.6000, prices might fall again.
Impact:
NZD/USD might rise more if the US Dollar stays weak and rate cut hopes stay high. But strong US talks or bad China news could slow it down.