NZD/USD stretches higher to near 0.5980 on dovish comments from Fed’s Powell, US ISM PMI eyed
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The NZD/USD pair extends its gains to near 0.5980 as the Federal Reserve (Fed) Chairman Jerome Powell makes dovish comments, confirming the Fed's position on potential interest rate cuts for the year. The New Zealand Dollar (NZD) faces downward pressure amid speculation that the Reserve Bank of New Zealand (RBNZ) may commence policy rate cuts starting from early next year. The Kiwi Dollar (NZD) is also boosted by positive Chinese Purchasing Managers Index (PMI) figures, indicating an expansion in Chinese manufacturing activity. Traders are cautious ahead of the release of the US ISM Manufacturing Purchasing Managers Index (PMI) data. The NZD/USD pair is currently trading near 0.5980.
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