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NZD/USD holds near 0.5870 as firm USD and cautious mood weigh on Kiwi
FXStreet said the Fed’s latest Minutes and Asia-Pacific catalysts, including an Australian jobs release and a PBoC rate decision, are in focus for NZD/USD direction.
New Zealand dollar traders kept NZD/USD near the 0.5870 area on Tuesday, with the pair hovering around 0.5870 to 0.5872 and edging marginally lower on the day, according to FXStreet.
The outlet attributed the Kiwi’s weakness to a firm US dollar and a cautious market mood, with risk-off sentiment linked to renewed attention on tensions around the Strait of Hormuz.
FXStreet also pointed to the growth-sensitive Kiwi feeling pressure as commodity-linked and higher-beta currencies slid, noting that gold and silver were both selling off sharply in the session.
Looking ahead, FXStreet said markets will watch the US Federal Reserve’s policy meeting Minutes, while Wednesday’s Asia-Pacific calendar includes Australian employment data and a People’s Bank of China rate decision that could influence the Antipodean currency complex.
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