NZD/USD remains vulnerable near 0.5950 due to weak Chinese PMI data
The post NZD/USD remains vulnerable near 0.5950 due to weak Chinese PMI data appeared on BitcoinEthereumNews.com. NZD/USD struggles following disappointing Chinese economic data. China’s Caixin Services PMI fell to 50.7 in April from 51.9 in March, well below the forecast of 51.7. The US Dollar receives support from expectations that the Federal Reserve will hold rates steady on Wednesday. NZD/USD is retreating around 0.5960 during Tuesday’s Asian session after two consecutive days of gains. The pullback follows a decline in the New Zealand Dollar (NZD), pressured by disappointing Chinese economic data. China’s services sector grew at its slowest pace since September, with the Caixin Services Purchasing Managers’ Index (PMI) falling to 50.7 in April from 51.9 in March—well below the forecast of 51.7. The weaker-than-expected reading adds to concerns that US tariffs are impacting demand and weighs on the NZD, as China is New Zealand’s largest trading partner. Focus now turns to New Zealand’s upcoming unemployment report, expected to show a higher jobless rate. This could bolster expectations for further monetary easing, with markets already pricing in a 75% chance of a 25-basis-point rate cut at the Reserve Bank of New Zealand’s (RBNZ) meeting later this month. A total of three rate cuts are anticipated this year. Meanwhile, the US Dollar Index (DXY) is rebounding near 99.80 after back-to-back losses, supported by expectations that the Federal Reserve (Fed) will hold rates steady on Wednesday. Market attention is firmly on Fed Chair Jerome Powell’s comments amid ongoing tariff tensions and pressure from President Trump to cut rates. US Treasury Secretary Scott Bessent said Monday that the US is “very close to some deals,” echoing Trump’s weekend remarks about nearing trade agreements. However, Trump ruled out any immediate talks with Chinese President Xi Jinping. China’s Commerce Ministry confirmed it is reviewing a US proposal to restart negotiations. Economic Indicator Caixin Services PMI The Caixin Services Purchasing Managers Index…
The post NZD/USD remains vulnerable near 0.5950 due to weak Chinese PMI data appeared on BitcoinEthereumNews.com.
NZD/USD struggles following disappointing Chinese economic data. China’s Caixin Services PMI fell to 50.7 in April from 51.9 in March, well below the forecast of 51.7. The US Dollar receives support from expectations that the Federal Reserve will hold rates steady on Wednesday. NZD/USD is retreating around 0.5960 during Tuesday’s Asian session after two consecutive days of gains. The pullback follows a decline in the New Zealand Dollar (NZD), pressured by disappointing Chinese economic data. China’s services sector grew at its slowest pace since September, with the Caixin Services Purchasing Managers’ Index (PMI) falling to 50.7 in April from 51.9 in March—well below the forecast of 51.7. The weaker-than-expected reading adds to concerns that US tariffs are impacting demand and weighs on the NZD, as China is New Zealand’s largest trading partner. Focus now turns to New Zealand’s upcoming unemployment report, expected to show a higher jobless rate. This could bolster expectations for further monetary easing, with markets already pricing in a 75% chance of a 25-basis-point rate cut at the Reserve Bank of New Zealand’s (RBNZ) meeting later this month. A total of three rate cuts are anticipated this year. Meanwhile, the US Dollar Index (DXY) is rebounding near 99.80 after back-to-back losses, supported by expectations that the Federal Reserve (Fed) will hold rates steady on Wednesday. Market attention is firmly on Fed Chair Jerome Powell’s comments amid ongoing tariff tensions and pressure from President Trump to cut rates. US Treasury Secretary Scott Bessent said Monday that the US is “very close to some deals,” echoing Trump’s weekend remarks about nearing trade agreements. However, Trump ruled out any immediate talks with Chinese President Xi Jinping. China’s Commerce Ministry confirmed it is reviewing a US proposal to restart negotiations. Economic Indicator Caixin Services PMI The Caixin Services Purchasing Managers Index…
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