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Kiwi Surges on Strong China PMI, Faces US Rate Hike Pressure

Guavy AI Editorial Team
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USD
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New Zealand's currency, the Kiwi, rebounded above 0.5850 due to stronger-than-expected Chinese services data. China's Services Purchasing Managers' Index (PMI) rose to 51.4 in August from 50.4 in July, exceeding market consensus of 50.6.

The improvement in the Chinese manufacturing sector provided support for the Kiwi, as China is a major trading partner to New Zealand. However, hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole meeting have boosted market expectations for a rate hike this month, which could support the Greenback.

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