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Old 07-09-2023, 10:52
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Default NZD/USD Hovers Near November 2022 Lows at 0.5865-60

The NZD/USD pair is currently facing a tough challenge during the Asian trading session. Itís hovering around a level between 0.5865 and 0.5860, marking its lowest point since way back in November 2022. The main culprit behind this struggle is the strong US Dollar (USD), and the Federal Reserve (often referred to as the Fed) isnít showing any signs of lowering interest rates anytime soon. This weighty situation has put significant pressure on the NZD/USD pair.

Recent positive news about the US economy has added to the pressure. A key indicator called the US ISM Non-Manufacturing PMI, which measures the health of service-based businesses like restaurants and stores, reached its highest level since February. This signals that the US economy is performing quite well. This positive news has led many to believe that the Fed might increase interest rates again this year. When the Fed does that, itís generally good news for the US Dollar.

However, investors are growing increasingly concerned about a couple of factors. When interest rates rise, it can become more expensive for individuals and businesses to borrow money, potentially slowing down the economy. Moreover, thereís unease surrounding Chinaís economic slowdown. These concerns have collectively dampened the appetite for riskier assets, including the New Zealand Dollar, which is often affectionately called the Kiwi.

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