The New Zealand Dollar (NZD) snapped eight days of losses against the US Dollar (USD), amidst a risk-on impulse, after China’s central bank cut rates
New Zealand Dollar finds respite as China's central bank moves to stimulate its economy, with eyes set on upcoming key eventsare trading in the green as NVIDIA releases its earnings report on Wednesday. Even though China’s economic woes are lingering on traders’ minds, the NZD/USD recovers some ground after dropping to a new year-to-date low of 0.5896. US Treasury bond yields climbed while the Greenback retreated 0.
Since antipodean currencies are seen as proxies to the Chinese Yuan , it plunged after the PboC’s headline crossed investors’ screens. However, the lack of meaningful economic data would leave traders adrift to sentiment, and US Dollar dynamics, with traders bracing for US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday., which are expected to be mixed, with quarterly figures disappearing, contrary to the year-over-year improvement.
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