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Market News NZD/USD Maintains Its Position Above The 0.6170 Area, While The Fed Observes

NZD/USD Maintains Its Position Above The 0.6170 Area, While The Fed Observes

Despite a general strengthening of the US dollar, the NZD/USD exchange rate has remained relatively stable at 0.6170. In June, New Zealand's Trade Balance decreased from $52M to $9M month-over-month (revised). Later this week, market participants will focus on the Federal Reserve's (Fed) monetary policy decision.

TOP1 Markets Analyst

2023-07-24

6982

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The NZD/USD pair maintains its position above 0.6170 after touching a two-week low. The pair is currently trading at 0.6172, a daily increase of 0.08%. The decline of the New Zealand dollar is supported by the general appreciation of the US dollar.

Statistics New Zealand reported on Monday that New Zealand's Trade Balance in June decreased to $9 million month-over-month from $52 million previously (revised). For the same month, the annual trade deficit decreased to $15.98B from $-17.12B (revised from $-15.64B). Additionally, June exports decreased to $6.31B from $6.97B (revised) previously, while imports decreased to $6.3B from $6.91B previously.

In addition, at its July meeting, the Reserve Bank of New Zealand (RBNZ) left the official cash rate (OCR) unchanged at 5.50%, causing the Kiwi to decline further. In addition, concerns about China's economic decline would keep the NZD/USD under pressure.

In the United States, Unemployment Claims dropped below expectations and reached their lowest level since mid-May. Despite contradictory findings regarding US Retail Sales, this information increased market anticipation for a potential future Fed policy tightening.

In the absence of top-tier data releases from New Zealand, the Fed's monetary policy decision on Wednesday will be the most important event of the week. The Federal Reserve is anticipated to increase interest rates by 25 basis points (bps). For additional impetus, market participants will also intently monitor Fed chairman Jerome Powell's press conference. These events could have a significant impact on the dynamics of the US Dollar and provide distinct direction for the NZD/USD pair.