The NZD/USD pair remains under some selling pressure around 0.5890 during the early Asian session on Friday.
NZD/USD weakens near 0.5890 in Friday’s early Asian session. The US GDP expanded at a 2.8% annualized pace in Q2, above the 2.1% forecast. Disappointed Chinese data and growing odds of a rate cut by the RBNZ drag the Kiwi lower. The stronger US economic data has trimmed some rate cut expectations in September, which provides some support for the US Dollar . Later on Friday, the release of the Personal Consumption Expenditures - Price Indexfor June will be in the spotlight.
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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