The NZD/USD saw mild declines on Tuesday as broad-market sentiment tips in favor of the US Dollar (USD), taking the Kiwi (NZD) down from opening bids near 0.
New Zealand Employment Change misses expectations, looses jobs instead of meager gain.
Financial Stability Report reveals little new for investors to chew on. Broader market will shift attention to Wednesday's upcoming Fed rate call. 5840 after hitting a new, albeit minor high for the week near 0.5860. The Kiwi's downside pressure is set to continue through Wednesday as New Zealand saw an unexpected contraction in employment figures and the Reserve Bank of New Zealand's Financial Stability Report revealed little of note for investors to be concerned about.
Governor Adrian Orr delivered the NZ central bank's latest FSR, with the head noting that significant risks remain on the horizon as New Zealand households and businesses continue to grapple with higher debt servicing costs. The NZ financial system is still adjusting to a higher-rate environment, and the
looks unlikely to raise rates any time soon as the central bank remains leery of potential declines or deterioration in asset quality.
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