NZD/USD maintains positive position around 0.5900 as NZ retail sales beat expectations
The New Zealand dollar rose slightly to near 0.5900 in early Asian trading on Thursday. The upbeat New Zealand retail sales data provided some support for the New Zealand dollar (USD). Traders will be closely watching statements from Federal Reserve (Fed) officials later Friday, including Alberto Musalem,Jeff Schmid and Lisa Cook.
New Zealand retail sales were stronger than expected in the first quarter (Q1) as the rate cut triggered an improvement in consumer demand and confidence. Retail sales in the country rose 0.8 percent in the first quarter from the previous reading of 0.9 percent, according to official figures released Friday by Statistics New Zealand. Upbeat New Zealand economic data underpins China-brokered New Zealand, as China is New Zealand's major trading partner.
On the other hand, a stronger S & P Global Purchasing Managers Index (PMI) may boost the Greenback Index and pull the exchange rate lower. Fed Governor Christopher Waller (Christopher Waller) said the market is monitoring fiscal policy. Waller further said that if the tariffs are close to 10%, then the economy will be in good shape in the second quarter and the Fed may be able to cut interest rates later this year. According to the CME FedWatch tool, the market has priced in a nearly 71% probability that the Fed will hold rates steady over the next two meetings.
New Zealand retail sales were stronger than expected in the first quarter (Q1) as the rate cut triggered an improvement in consumer demand and confidence. Retail sales in the country rose 0.8 percent in the first quarter from the previous reading of 0.9 percent, according to official figures released Friday by Statistics New Zealand. Upbeat New Zealand economic data underpins China-brokered New Zealand, as China is New Zealand's major trading partner.
On the other hand, a stronger S & P Global Purchasing Managers Index (PMI) may boost the Greenback Index and pull the exchange rate lower. Fed Governor Christopher Waller (Christopher Waller) said the market is monitoring fiscal policy. Waller further said that if the tariffs are close to 10%, then the economy will be in good shape in the second quarter and the Fed may be able to cut interest rates later this year. According to the CME FedWatch tool, the market has priced in a nearly 71% probability that the Fed will hold rates steady over the next two meetings.
