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NZD Tumbles as Strong US Data Boosts USD

Guavy AI Editorial Team
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The New Zealand Dollar (NZD) took a hit on Wednesday as strong US economic data boosted the US Dollar (USD).

The S&P Global US Composite Purchasing Managers Index (PMI) rose to 58.4 in September, marking a significant acceleration in private-sector activity.

US business activity is expanding at its fastest pace in over five years, according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.

The strong US data reinforced expectations of another Federal Reserve interest-rate hike in October, with the CME FedWatch tool showing a 68% chance of an additional rate hike this year.

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