Forex
Kiwi Soars Above 0.59 as Soft US Data Weighs on Dollar
The New Zealand Dollar rose above 0.5900 against the US Dollar for the first time since June 3, as soft US data reduced expectations of an imminent Fed rate hike.
Recent releases have tempered expectations for a near-term interest rate increase by the Federal Reserve, keeping the USD on the defensive and supporting NZD/USD.
The RBNZ has emphasized the need to withdraw some policy support, which continues to draw support from the hawkish stance of the Reserve Bank of New Zealand.