The NZD/USD pair rallies to near the key resistance of 0.6300 in Tuesday’s North American session.
NZD/USD surges to near 0.6300 as China announces a slew of monetary stimulus. The Fed is expected to opt a 50-bps interest rate cut in November. Investors await the US core PCE inflation data for August. The Kiwi asset strengthens on the firm New Zealand Dollar , which is enjoying higher inflows after the announcement of China’s massive stimulus, with the aim to revive the economic prospects, uplifting household spending and real estate demand.
Still, there are some unique particularities that also can make NZD move. 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.
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