NZD/USD Dips as Market Anticipates RBNZ Rate Cut

Oct. 3, 2024 - Action Forex

The NZD/USD pair continues its downward trend, dropping to 0.6240 in its third consecutive session of declines.

This ongoing sell-off in the New Zealand dollar is driven by market expectations of an upcoming interest rate cut by the Reserve Bank of New Zealand (RBNZ). This expected rate cut responds to such factors and aligns with the bank’s strategy to manage economic growth and inflation.

Although the ADP report does not directly correlate with the Nonfarm Payrolls (NFP) due shortly, it still shapes market expectations and sentiment. NZD/USD technical analysisThe NZD/USD pair followed a bearish pattern, confirming a downward wave to 0.

6265 and a corrective rise to 0.6313.

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