NZD Steadies on Priced-In Rate Hike Expectations

The New Zealand dollar has stabilized around $0.5865 as traders continue to bet on a rate hike by the Reserve Bank of New Zealand in September.

This stability is due to investors pricing in an 85% chance of a rate increase, which suggests that the central bank's policy still needs to tighten and pockets of firmer data are being considered.

The Australian dollar has remained flat after the Reserve Bank of Australia paused its cash rate at 4.35%, but left investors open to another hike by early next year.