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New Zealand Dollar Soars to Fresh Highs Above $0.59 vs USD

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The New Zealand Dollar (NZD) extended its gains to fresh highs since early June, reaching around 0.5965-0.5970 against the US Dollar (USD) during Friday's Asian session.

This comes as the USD struggles to capitalize on yesterday's bounce from a three-month low, amid receding bets for an immediate interest rate hike by the Federal Reserve (Fed).

On the other hand, expectations of another interest rate hike by the Reserve Bank of New Zealand (RBNZ) are supporting the NZD.

The Middle East crisis is still causing concern among investors due to higher oil prices and inflation risks. Additionally, hawkish FOMC Minutes from Wednesday keep the door open for policy tightening by the US central bank.

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