Daily Digest Market Movers: New Zealand Dollar gathers strength amid broad USD weakness
- New Zealand’s Trade Balance came in at NZD $-9.29B YoY in July versus $-9.5B prior, according to the latest data released by Statistics New Zealand on Tuesday.
- New Zealand’s Exports decreased to $6.15B in July versus $6.17B in June whereas Imports rose to $7.11B compared to $5.45B in previous readings.
- Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday that it was appropriate to discuss potentially cutting US interest rates in September due to concerns about the weakening labor market, per Reuters.
- Chicago Fed President Austan Goolsbee said on Sunday that the US economy does not show signs of overheating, so Fed policymakers should be cautious about keeping restrictive policy in place longer than necessary.
- The markets are now pricing in a nearly 77% chance of a 25 basis points (bps) Fed rate cut in its September meeting, according to the CME FedWatch Tool.
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