NZD/USD for Week Open of August 2023
The Kiwi dollar dropped 0.3% to approximately $0.6156 on Friday, declining for the third consecutive session and on track for a 0.2% decrease for the week. This was due to the strengthening of the US dollar, which saw the index rise above 101, following the release of robust US Q2 GDP data. Meanwhile, the headline inflation in New Zealand dropped to 6% in Q2 of 2023, which is the lowest it has been since Q4 of 2021.
However, it still remains above the central bank's target range of 1 to 3%. The Federal Reserve has increased interest rates since October 2021, by a total of 525 basis points to 5.5%. Meanwhile, consumer confidence in the United States remained weak in July, amid pressures from the cost of living and an increase in inflation expectations. Traders are eagerly awaiting a series of economic data from New Zealand next week, which includes business confidence, building permits, and the Q2 unemployment rate.
However, it still remains above the central bank's target range of 1 to 3%. The Federal Reserve has increased interest rates since October 2021, by a total of 525 basis points to 5.5%. Meanwhile, consumer confidence in the United States remained weak in July, amid pressures from the cost of living and an increase in inflation expectations. Traders are eagerly awaiting a series of economic data from New Zealand next week, which includes business confidence, building permits, and the Q2 unemployment rate.
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