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Positive economic updates from New Zealand early in the week eventually gave way to continued RBNZ rate cut expectations and geopolitical risk

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart

New Zealand Headlines and Economic data

Monday:

Tuesday:

Wednesday:

Thursday:

  • New Zealand first-quarter GDP growth steady, but soft underbelly keeps more rate cuts on table – broad rally after what was an update that came in basically as expected at 0.6% quarterly growth, but we guess that avoiding a slowdown is probably the best you can expect at this point and enough for traders to buy up some Kiwis. But it looks like if that was the case, it didn’t last too long as Kiwi sentiment soured on rate cut expectations and geopolitical risks.

Friday: