NZD/USD depreciates due to risk aversion as US NFP looms. CME FedWatch Tool suggests the probability of a Fed rate cut in September has increased to nearly 70.0%. New Zealand’s Finance Minister Nicola Willis insisted that the 2024 budget won't keep interest rates higher for longer. The US Dollar gained ground due to higher US Treasury yields.
As per the CME FedWatch Tool, the probability of a Fed rate cut in September by at least 25 basis points has increased to nearly 70.0%, up from 47.5% a week earlier. In New Zealand, the Kiwi Dollar received support from the latest data released by Caixin, which showed that China's Services PMI rose to 54.0 in May from 52.5 in April, significantly beating market expectations of 52.6.
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