NZD/USD gains ground as US Dollar improves on rising odds of Fed rate cuts in 2024. The US ISM Services PMI dropped to 48.8 in June, marking its steepest decline since April 2020. Fed’s Austan Goolsbee stated that bringing inflation back to 2% will require more time and data. This upside is attributed to a decline in the US Dollar , which could be attributed to softer data from the United States raising speculations of the Federal Reserve reducing interest rates in 2024.
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. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
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