The NZD/USD pair remains under some selling pressure during the early European session on Tuesday.
NZD/USD edges lower to 0.6053 amid the stronger US Dollar. The Fed Reserve is anticipated to leave rates unchanged for a fifth straight time on Wednesday. The positive headline surrounding the China-New Zealand free trade agreement failed to lift the Kiwi. Fed interest rate decision on Wednesday will be a closely watched event ahead of New Zealand’s GDP Q4 growth numbers. The uptick in the US Dollar Index to two-week highs above 103.80 weighs on the NZD/USD pair.
Financial markets have priced in a nearly 73% chance that the Fed will cut rates in July, according to the CME FedWatch Tools. On the Kiwi front, Chinese Foreign Minister Wang Yi said on Tuesday that China is ready to work with New Zealand to implement an upgraded version of the China-New Zealand free trade agreement. However, this positive headline failed to boost the China-proxy New Zealand Dollar .
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