Forex
Home›Forex›Major Pairs›NZD/USD slips near 0.5870 as US data and US-Iran jitte…
NZD/USD slips near 0.5870 as US data and US-Iran jitters lift USD
The NZD move followed an ISM manufacturing PMI jump to 55.6 in July, while traders also look ahead to New Zealand’s Wednesday employment report.
The NZD/USD pair eased in Asian trading, with the Kiwi losing traction near 0.5870, as stronger US economic data encouraged safe-haven flows into the US dollar, FXStreet reports.
In the US, the Institute for Supply Management’s manufacturing PMI rose to 55.6 in July from 53.3 in June, topping the 54.0 market consensus, a backdrop traders said supported the USD against NZD.
Uncertainty around US-Iran talks added to the risk-off tone, with FXStreet noting that US President Donald Trump said Monday he is giving Iran “every last chance” to reach a deal, though Iranian officials denied direct participation and said talks are being handled via mediators in Oman.
In New Zealand, traders are positioned for the Wednesday employment report, with the unemployment rate expected to increase to 5.4% in Q2 from 5.3% previously, while analysts cited by FXStreet expect the Reserve Bank of New Zealand to continue tightening.
The article also points to market expectations around the RBNZ’s policy path, including forecasts for further OCR hikes, and notes that a firmer labor outlook could lift NZD in the near term.