New Zealand Dollar Extends Losses
The New Zealand dollar fell to approximately $0.571 on Monday, marking a two-week low. This depreciation was largely driven by apprehensions about the United States' anticipated announcement on reciprocal tariffs scheduled for Wednesday, which continues to weigh on the export-oriented currency. President Trump's recent confirmation of plans to implement auto tariffs sparked threats from Canada and the European Union of possible retaliatory trade measures. Internally, the Kiwi remains under strain due to looming expectations of additional interest rate cuts by the Reserve Bank of New Zealand, with the market anticipating at least two reductions before the year's end. Simultaneously, losses were somewhat mitigated by positive data from China, New Zealand's principal trading ally. Notably, China's manufacturing Purchasing Managers' Index (PMI) indicated expansion for a second consecutive month, achieving its most rapid growth rate in a year.
The material has been provided by - RobotFX
No comments:
Post a Comment