The NZD/USD pair trades on a stronger note near 0.6195 during the early Asian session on Friday.
NZD/USD gains ground around 0.6195 in Friday’s Asian session. The growing speculation of a Fed rate cut this year weighs on the US Dollar. The upbeat Chinese May Services PMI data supports the China-proxy NZD. The weaker US Dollar amid rising speculation of an interest rate cut from the US Federal Reserve this year continues to underpin the NZD/USD pair. The market might turn cautious later on Friday ahead of the release of highly anticipated US Nonfarm Payrolls data for May.
According to Reuters polls conducted between May 31 and June 5, nearly two-thirds of economists now anticipate the Fed to cut interest rates in September. The US May NFP report will be closely watched, which is estimated to see 185K job additions in the US economy in May. The softer-than-expected data could fuel the speculation of Fed rate cuts and undermine the Greenback against the Kiwi.
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