Skip to content NZDUSD Fundamental Analysis – 3-October-2024
On Thursday, the New Zealand dollar dropped to approximately $0.621, marking a third consecutive session of decline. This trend is in anticipation of a significant rate cut anticipated by the Reserve Bank of New Zealand. Investors expect a substantial reduction of 50 basis points from the existing 5.25% cash rate in the upcoming central bank meeting.
The 4-hour chart below demonstrates the NZD/USD conversion rate.
Additionally, the Kiwi is under pressure from a strong US dollar, bolstered by an unexpectedly robust US ADP employment report and increased tensions in the Middle East.
The US private sector increased hiring in September, indicating the job market is doing well despite some softening areas. Moreover, ongoing geopolitical tensions are heightened as markets respond to Iran’s recent missile strike on Israel.
About The Author
Comments are closed.