June US durable goods orders rose 0.3% MoM, missing forecasts and capping USD demand ahead of the Fed decision.
The New Zealand Dollar held near 0.5790 against the US Dollar on Monday, supported by weaker-than-expected US durable goods data. June orders increased just 0.3% month-over-month, well below the 1.6% consensus forecast, following a revised 4.0% decline in May.
Excluding transportation, orders rose 0.6%, while defense-excluded orders climbed 0.3%, signaling resilient underlying demand. The softer headline print weighed on the USD, though NZD/USD remained rangebound as investors awaited the Federal Reserve’s policy announcement.
Oil price declines also aided the NZD, easing import cost pressures for New Zealand. Focus shifts to Tuesday’s US ADP employment data, with the four-week average previously at 16.5K, and July consumer confidence figures ahead of the Fed decision.