NZD Holds Steady as Weak US Durable Goods Data Limits Dollar Demand

The New Zealand Dollar (NZD) held steady near 0.5790 despite some weakness in the US Dollar (USD), which was sparked by a disappointing report on US durable goods data.

The data showed that US Durable Goods Orders increased just 0.3% month-over-month in June, below the 1.6% market forecast, following a revised 4.0% decline in May.

The NZD received some support from the sharp decline in oil prices, which improved its outlook due to New Zealand's reliance on imported fuel.

Looking ahead, investors will be watching key US data releases, including the ADP Employment Change four-week average and the US Housing Price Index, before the Federal Reserve's monetary-policy decision on Wednesday.