New Zealand Dollar Rallies as Upbeat Data Fails to Lift US Dollar

The New Zealand Dollar (NZD) continued its rally against the US Dollar (USD) on Friday, reaching near 0.6000 and nearing its highest level since end-May.

Despite upbeat data from S&P Global PMIs, which showed private-sector activity accelerating led by a strong Services reading that beat expectations, the US Dollar failed to lift off, suggesting the NZD's advance is driven by its own momentum rather than a Federal Reserve (Fed) rethink.

The benchmark lending rates in China remained unchanged, offering reassurance for currencies exposed to Chinese demand, including the Kiwi. Metals are strongly bid, with Gold and Silver both sharply higher on the day, contributing to a risk-on tone that tends to lift higher-beta currencies like the New Zealand Dollar.