The New Zealand Dollar extends its downtrend in most pairs as broadly weak fundamentals exert pressure. RBNZ governor Orr says the bank is “laser-focused” on beating inflation. Technically, price could be about to correct higher within a persistent downtrend. The New Zealand Dollar (NZD) edges lower in its most heavily-traded pairs on Wednesday following the trend of the previous weeks as bearish fundamentals, including an overall negative outlook for growth, continue to weigh.
Recent comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr failed to give the Kiwi much support, despite the prospect of the RBNZ maintaining relatively high interest rates. Orr stressed the importance of battling too-high inflation in a speech on Tuesday. Normally higher interest rates help a currency as they attract more foreign capital inflows but in the case of New Zealand this does not appear to be the cas
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New Zealand Dollar Declines as US Data Suggests Elevated Price PressuresThe New Zealand Dollar (NZD) is trading lower in its NZD/USD pair on Thursday after the release of US macroeconomic data suggests price pressures are likely to remain elevated. Producer Prices (PPI) for February came out higher than economist’s forecasted, according to data from US Bureau of Labour Statistics. It suggests inflation is likely to remain stubbornly high in the US, forcing the Federal Reserve to keep interest rates at their current level for longer, and scotching hopes of an early interest-rate cut. Higher interest rates are generally positive for a currency because they attract more inflows of foreign capital, so the data weighed on the NZD/USD pair, which measures the buying power of one New Zealand Dollar in US Dollar (USD) terms.
Source: FXStreetNews - 🏆 14. / 72 Read more »
New Zealand Dollar Extends Downtrend as Weak Fundamentals PersistThe New Zealand Dollar (NZD) edges lower in its most heavily-traded pairs on Wednesday following the trend of the previous weeks as bearish fundamentals, including an overall negative outlook for growth, continue to weigh. Recent comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr failed to give the Kiwi much support, despite the prospect of the RBNZ maintaining relatively high interest rates. Orr stressed the importance of battling too-high inflation in a speech on Tuesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »