NZD/USD bears on roll towards 0.6200, ignore RBNZ’s Orr, mixed NZ trade data – by anilpanchal7 NZDUSD RBNZ Fed Recession ForeignTrade
Kiwi pair fails to cheer hawkish comments from the Reserve Bank of New Zealand Governor Adrian Orr, as well as mixed trade numbers for New Zealand . The reason could be linked to broad US dollar strength amid firmer US data, hawkish Fedspeak and geopolitical/economic risks.Governor Orr said that he wants the OCR unambiguously above neutral. The policymaker also stated that the domestic demand is running too fast, as well as labor resources are acutely scarce.
Elsewhere, New Zealand Trade Balance dropped to $-11.64B YoY versus $-10.94B prior while improving on MoM to $-1092M from $-1102M previous readings. Further, Imports grew to $7.77B from $7.38B whereas Exports rose to $6.68B compared to $6.27B prior. begins Friday on a firmer footing as it refreshes the monthly high around 107.70, up for the third consecutive day.
Talking about data, Philadelphia Fed Manufacturing Survey rallied to 6.2 for August versus -5 expected and -12.3 prior while the weekly Initial Jobless Claims dropped to 250K, below 265K market consensus and 252K revised prior.
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