NZD/USD drops to 0.5900 mark
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Dear esteemed traders,
According to the New Zealand government's forecast on Tuesday, there is a projected larger budget deficit and higher debt, but better economic conditions expected in the coming year as the country prepares for the upcoming elections in October.
The New Zealand Dollar (NZD) has shown little volatility following these updated forecasts. In fact, the NZD/USD pair remains on a defensive note as the US Dollar (USD) experienced modest gains, although it is still striving to maintain above 0.5900.
Thank you.
According to the New Zealand government's forecast on Tuesday, there is a projected larger budget deficit and higher debt, but better economic conditions expected in the coming year as the country prepares for the upcoming elections in October.
The New Zealand Dollar (NZD) has shown little volatility following these updated forecasts. In fact, the NZD/USD pair remains on a defensive note as the US Dollar (USD) experienced modest gains, although it is still striving to maintain above 0.5900.
Thank you.
Note
With fiscal and monetary policy outlooks back in the spotlight, there is likely to be more domestically sourced NZD/USD volatility through the end of the year.
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