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Forex

NZD/USD Slumps as Strong US Jobs Data Boosts Rate Hike Bets

Guavy AI Editorial Team
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USD NZD
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The NZD/USD pair has weakened to around 0.5875 due to a stronger US Dollar, pressured by expectations of a US Federal Reserve rate hike in September following strong jobs data.

The US Bureau of Labor Statistics reported a 162K increase in August nonfarm payrolls, exceeding the market consensus of 56K and the previous month's revised figure of 21K.

This has led to traders increasing their bets on a rate hike, with Fed funds futures now pricing in around a 60% probability, according to the CME FedWatch tool.

The Reserve Bank of New Zealand's recent decision to raise its Official Cash Rate by 25 basis points to 2.75% may undermine the New Zealand Dollar if it is perceived as dovish.

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