NZD/USD weakened, New Zealand faces consecutive trade deficits.

Create at 1 year ago (Oct 23, 2023 11:33)

NZD/USD has been weakening since the beginning of last month, driven by the heightened tensions in the ongoing conflict in the Middle East, leading to a flight from high-risk assets like the New Zealand Dollar (NZD) to lower-risk assets. This has resulted in the strengthening of the US Dollar.


New Zealand's trade balance is heavily in deficit, standing at NZD 2.33 billion YoY in September. Exports have decreased by NZD 4.87 billion, while imports have reduced by NZD 7.20 billion in New Zealand.


Raphael Bostic, the President of the Federal Reserve Bank of Atlanta, stated on Friday that he does not believe the Federal Reserve will raise interest rates before mid-next year, while the President of the Federal Reserve Bank of Cleveland, Loretta Mester, mentioned that interest rates are currently at the highest point in the rate-hiking cycle.


There is no significant economic data from New Zealand to be announced this week. Investors are awaiting US PMI data on Tuesday, the release of Q3 Gross Domestic Product (GDP) on Thursday, and Personal Consumption Expenditure (PCE) data on Friday. These data points will undoubtedly have an impact on NZD/USD.

 

Source: Fxstreet
 
NZD/USD news today
Overview
Today last price 0.5823
Today Daily Change -0.0007
Today Daily Change % -0.12
Today daily open 0.583
 
Trends
Daily SMA20 0.5939
Daily SMA50 0.5932
Daily SMA100 0.6048
Daily SMA200 0.6149
______________________________
Maximize your knowledgeBlog
Keep up to date on global events:News
Explore in-depth analysis: Analysis
 
Tags:

TECHNICAL ANALYSIS

ARTICLES