NZD/USD gains momentum around 0.6145 following the release of New Zealand GDP on Thursday. New Zealand's economy grew 0.2% QoQ in Q1 versus 0% prior, stronger than expected. US Retail Sales data last week hinted at an economic slowdown and fuel rate cut expectations. The pair edges higher on the back of stronger-than-expected New Zealand GDP in the first quarter and the decline of the US Dollar .
On the other hand, the recent weaker US Retail Sales report last week spurred the likelihood that the Federal Reserve will start to cut interest rates in a few months, which exerts some selling pressure on the Greenback. The markets are now pricing in a nearly 67% chance of a 25 basis points for a Fed rate cut in September, up from 61% a day ago, according to the CME FedWatch tool.
Majors Macroeconomics Newzealand GDP
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