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Forex

China Trade Data Weighs on Kiwi, but US Dollar Softness Offers Support

Guavy AI Editorial Team
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USD NZD
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The New Zealand Dollar (NZD) continued its decline for the third consecutive session on Tuesday, trading around 0.5850. This comes after China's August imports rose by 28.2% year-over-year, missing market expectations of a 30% growth.

The disappointing trade data weighed heavily on the Kiwi, reflecting the close trade link between New Zealand and China. Despite this, further downside in NZD/USD appears limited due to the broader US Dollar softness.

Market participants are currently pricing in a probability above 60% for a Federal Reserve rate hike in September, supported by a strong August US labor market release.

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