Forex
New Zealand Dollar Stalls Amid China Slowdown and RBNZ Rate Hikes
The New Zealand Dollar has stalled near the 0.5900 region as opposing forces cancel each other out, according to Mitrade.
The Reserve Bank of New Zealand hiked rates in July and markets expect another hike in September, which should give the Kiwi an underlying bid.
However, China's slowing industrial output and retail sales are capping the upside, causing the Kiwi to lag behind the Aussie.
Despite a hawkish lean from the RBNZ and a weak US Dollar, the NZD/USD pair is close to flat on the day and holding the 0.5900 region.