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Forex

NZD/USD Plunges 0.7% on Weak China Data and Rate Hike Bets

Guavy AI Editorial Team
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USD NZD
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The New Zealand Dollar (NZD) has extended its decline against the US Dollar (USD), falling by 0.7% today. This downturn is attributed to disappointing economic data from China, which negatively impacted the outlook for New Zealand's exports.

The US Dollar received additional support from growing expectations of a US Federal Reserve rate hike driven by renewed US inflation concerns and higher Treasury yields.

NZD/USD trades below key moving averages with deeply oversold technical readings. The current price is $0.5706, and the five-day projected range is $0.5656 to $0.5776.

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