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Forex

New Zealand Dollar Gains Strength Amid Rate Hike Expectations

Guavy AI Editorial Team
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USD NZD
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The New Zealand Dollar has gained strength above 0.5800 against the US dollar as investors anticipate a potential interest rate hike in the country.

A report showing increasing Producer Price Index (PPI) data in August pushed the probability of a quarter-percentage-point increase to over 70%, according to the CME FedWatch tool.

The Reserve Bank of New Zealand (RBNZ) delivered a dovish rate hike, raising the Official Cash Rate (OCR) by 25 basis points (bps) to 2.75% and stating that the current rate remains accommodative.

The RBNZ's cautious tone and forward guidance have dampened market expectations for an aggressive tightening cycle, which could weigh on the Kiwi.

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