NZD/USD weakens near 0.5890 in Friday’s early Asian session.
The US GDP expanded at a 2.8% annualized pace in Q2, above the 2.1% forecast.
Disappointed Chinese data and growing odds of a rate cut by the RBNZ drag the Kiwi lower.
The NZD/USD pair remains under some selling pressure around 0.5890 during the early Asian session on Friday. The stronger US economic data has trimmed some rate cut expectations in September, which provides some support for the US Dollar (USD). Later on Friday, the release of the Personal Consumption Expenditures (PCE) - Price Index for June will be in the spotlight.
Economic activity in the United States was firmer than expected during the second quarter (Q2), the US Bureau of Economic Analysis reported on Thursday. US Gross Domestic Product (GDP) grew at 2.8% annualized pace adjusted for seasonality and inflation from 1.4% in the previous reading, exceeding forecasts of 2%.
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