The New Zealand Dollar weakens against the USD near 0.5950 as traders await US Existing Home Sales figures later today.
The NZD/USD pair fell to near 0.5950 in early Asian trading on Monday, extending losses despite a hotter-than-expected Chinese Consumer Price Index (CPI) report. The New Zealand Dollar remained under pressure against the US Dollar, reflecting broader market sentiment ahead of key US economic data.
China’s CPI inflation rose more than anticipated, but the data failed to support the Kiwi, which has been weighed down by global risk aversion and domestic economic concerns. Later today, US Existing Home Sales for April will be released, potentially influencing USD strength and further impacting the currency pair.
Market reaction has been muted, with traders adopting a cautious stance ahead of the US data release. The NZD’s decline suggests persistent bearish sentiment despite external inflationary pressures.