NEW ZEALAND DOLLAR GATHERS STRENGTH TO TEN-WEEK HIGHS ON WEAKER US DOLLAR... Wulan Viana から-フォローミートレーディングコミュニティ

22 Aug 2024, 14:21 · Views 163

The New Zealand Dollar extends its upside in Wednesday’s early Asian session.
The softer US Dollar and positive risk sentiment support NZD/USD.
Investors will focus on the first reading of US August S&P Global PMI on Wednesday.

The New Zealand Dollar (NZD) edges higher on Wednesday as the USD Index (DXY) extended its decline to near yearly lows. The improved risk sentiment after China rolled out further measures to support the real estate sector boosts the Kiwi as China is New Zealand's largest trading partner.

On the other hand, the dovish remarks from the Reserve Bank of New Zealand (RBNZ) after a surprise rate cut last week might limit the pair’s upside. Investors will keep an eye on the preliminary US S&P Global PMI for August, which is due on Wednesday. All eyes will be on Fed Chair Powell's speech at the Jackson Hole symposium on Friday. Any dovish comments from Powell are likely to undermine the USD and create a tailwind for NZD/USD.

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