NZD/USD trades with mild gains near 0.6260 in Thursday’s Asian session.
Fed's Kugler said she strongly supported half-point rate cut.
China's rate cuts and new stimulus measures support the Kiwi.
The NZD/USD pair trades with mild positive bias around 0.6260 on Thursday during the Asian trading hours. The uptick of the pair is bolstered by the fresh Chinese stimulus plans and the softer US Dollar (USD) broadly. The final US Gross Domestic Product (GDP) Annualized for the second quarter (Q2) and Federal Reserve (Fed) Chair Jerome Powell's speech will be the highlights on Thursday.
The rising Fed deeper rate cut expectation in November weighs on the Greenback. Meanwhile, the US Dollar Index (DXY), which tracks the USD’s value against six major currencies, edges lower to 100.85. Federal Reserve Governor Adriana Kugler said on Wednesday that she will support additional rate cuts going forward, adding that the Fed should keep the focus on reducing inflation and also shift attention to maximum employment. The markets have priced in nearly 57.4% odds of a second 50 bps rate cut in the November meeting, while the chance of 25 bps stands at 42.6%, according to the CME FedWatch Tool.
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