NZD/USD hits lows near 0.5760 amid a stronger US Dollar
The New Zealand Dollar is trading lower for the sixth consecutive day against a somewhat stronger US Dollar. The pair extends its reversal from last week’s highs above 0.5850 to daily lows at 0.5763 so far.
The US Dollar is drawing support from the release of the FOMC minutes, which revealed a wide divergence among committee members and cast doubt about the timing of the next monetary easing move.
Most participants voted in favor of cutting interest rates by a quarter point on December 10, with three officials calling for steady rates, posting the highest number of dissenters since 2019.
The minutes of the meeting revealed that the majority of the committee agreed on the convenience of lowering borrowing costs to support a deteriorating labour market, but conditioned further rate cuts on a steady decline in inflationary pressures.
The kiwi, on the other hand, has failed to draw any significant support from the upbeat business activity figures from China, New Zealand’s main trading partner. Chinese NBS PMI figures revealed that manufacturing activity in the Asian leading economy improved 0.9 points to 50.1. Likewise, the Non-Manufacturing PMI rose 0.7 points to 50.2, both of them returning to levels consistent with a mild expansion.
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