New Zealand Dollar weakens below 0.5550, traders brace for US PPI data
The NZD/USD pair declines to near 0.5545 during the Asian trading hours on Friday. Growing bets of a larger Federal Reserve (Fed) rate hike in December provide some support to the US Dollar (USD) and act as a headwind for the pair.
The New Zealand Dollar (NZD) slipped below 0.5550 against the US Dollar (USD) on Friday, prompting traders to prepare for upcoming US producer price data. The US Dollar gained ground due to expectations of a larger Federal Reserve rate hike in December, which put downward pressure on the NZD. Recent data showed New Zealand's unemployment rate at an 11-year high of 5.7%, dampening hopes for aggressive Reserve Bank of New Zealand (RBNZ) rate hikes and negatively impacting the Kiwi.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- The New Zealand Dollar's slump runs into RBNZ inflation expectations fxstreet.com
- Dollar weakens against dong e.vnexpress.net
