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New Zealand Dollar remains calm above 0.6100 following NZ Budget 2024
The post New Zealand Dollar remains calm above 0.6100 following NZ Budget 2024 appeared on BitcoinEthereumNews.com. New Zealand Dollar (NZD) remains on the defensive on Thursday after the latest NZ government budget announcement. New Zealand forecasts inflation falling to below 3% in Q3 2024, to 2% around 2026. Investors will keep an eye out for key US data to cap off the trading week. The NZD/USD pair edges lower around 0.6105 during the Asian session on Thursday. The release of the New Zealand budget outline for the 2024 fiscal year had little to no impact on the Kiwi as the pair remains influenced by the USD dynamic. New Zealand Finance Minister Nicola Willis stated that the Treasury sees inflation falling to below 3% in Q3 2024 and easing to 2% around 2026. The New Zealand treasury sees NZ GDP contracting in H1 2024, and growth in H2 2024. Furthermore, New Zealand forecast a budget deficit of NZ$11.07 for the fiscal year ending June 30, 2024, wider than a deficit of NZ$9.32 billion estimated in December. The government expects a return to an obegal surplus in 2027/28. New Zealand Dollar FAQs The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD. The Reserve Bank of New Zealand (RBNZ)…
The post New Zealand Dollar remains calm above 0.6100 following NZ Budget 2024 appeared on BitcoinEthereumNews.com.
New Zealand Dollar (NZD) remains on the defensive on Thursday after the latest NZ government budget announcement. New Zealand forecasts inflation falling to below 3% in Q3 2024, to 2% around 2026. Investors will keep an eye out for key US data to cap off the trading week. The NZD/USD pair edges lower around 0.6105 during the Asian session on Thursday. The release of the New Zealand budget outline for the 2024 fiscal year had little to no impact on the Kiwi as the pair remains influenced by the USD dynamic. New Zealand Finance Minister Nicola Willis stated that the Treasury sees inflation falling to below 3% in Q3 2024 and easing to 2% around 2026. The New Zealand treasury sees NZ GDP contracting in H1 2024, and growth in H2 2024. Furthermore, New Zealand forecast a budget deficit of NZ$11.07 for the fiscal year ending June 30, 2024, wider than a deficit of NZ$9.32 billion estimated in December. The government expects a return to an obegal surplus in 2027/28. New Zealand Dollar FAQs The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD. The Reserve Bank of New Zealand (RBNZ)…
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