NZD/USD remains stable for the third consecutive session, trading around 0.5980 during the Asian hours on Friday. The New Zealand Dollar (NZD) may have gained some support from an unexpected increase in China's factory activity, as China is New Zealand's largest trading partner.
China's Caixin Manufacturing Purchasing Managers Index (PMI) rose to 50.3 in October, up from 49.3 in September, exceeding market expectations of 49.7. Additionally, the seasonally adjusted Building Permits from Statistics New Zealand showed a 2.6% month-on-month increase in new construction permits for September, following a 5.3% decline in August.
However, the Kiwi Dollar may face challenges due to a heightened likelihood of a more dovish stance from the Reserve Bank of New Zealand (RBNZ), especially after inflation returned to the central bank's target range. The markets have fully priced in a 50 basis point rate cut in November and currently project a decrease in the cash rate from 4.75% to 3.82% by the end of this year.
The US Dollar (USD) breaks its four-day losing streak due to ongoing market caution amid uncertainty leading up to the upcoming US presidential election. However, the Greenback encountered difficulties as the US Personal Consumption Expenditures (PCE) Price Index indicated that core inflation rose by 2.7% year-over-year in September.
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