The NZD/USD pair continues to face a sell-off and drops to 0.6040 in the late Asian session on Wednesday.
NZD/USD falls to 0.6040 as dismal market sentiment dampens the appeal of risky assets. The US Dollar consolidates ahead of the Fed’s policy meeting. The NZ GDP is forecasted to have grown by 0.1% in the last quarter of 2023. The Kiwi asset is under pressure as investors have turned cautious ahead of the Federal Reserve’s interest rate decision, which will be announced at 18:00 GMT. S&P 500 futures have posted some losses in the Asian session, portraying a decline in investors’ risk appetite.
The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. 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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