Forex
NZD/USD Tumbles Amid Disappointing Chinese Imports
The New Zealand dollar (NZD) slipped 0.37% on Tuesday to trade near 0.5855, pressured by mixed Chinese trade figures.
China's trade surplus widened to $119.09 billion in August from $112.5 billion in July, while exports rose 25% year-over-year following a 23.9% increase previously.
The disappointing import growth of 28.2% year-over-year, which fell short of the expected 30%, tempered support for the NZD due to China's significant role as New Zealand's largest trading partner.
Broad USD softness limited falls in the NZD/USD pair ahead of US inflation data, with market pricing indicating a more than 58% chance of a September rate hike via CME FedWatch.