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NZD/USD weakens to around 0.5670 in Friday’s early European session.  The renewed trade war between the US and China spurs safe-haven demand and weighs on the China-proxy Kiwi.  The US January NFP report will be in the spotlight later on Friday.  The NZD/USD pair trades in a negative territory near 0.5670 during the early European trading hours on Friday, pressured by a modest rebound of the US Dollar (USD). Traders prefer to wait on the sidelines amid the uncertainty ahead of key US Nonfarm Payrolls (NFP) data. Following China’s measured retaliation to US tariffs, President Donald Trump has said that he is not in a rush to talk with Chinese President Xi Jinping. On Tuesday, China’s finance ministry issued a package of tariffs on a variety of US items, including crude oil, agricultural equipment, and certain automobiles, in response to US President Donald Trump’s announcement of a 10% tariff on Chinese imports. Any signs of rising trade war tensions between the US and China could exert some selling pressure on the New Zealand Dollar (NZD), as China is a major trading partner to New Zealand.  The US Federal Reserve (Fed) signaled that it had no plans to cut interest rates quickly, amid uncertainty over sticky inflation and Trump’s policies. All eyes will be on the highly-anticipated US Nonfarm Payrolls on Friday for more cues about the US interest rate outlook. In case of a weaker-than-expected outcome, this could drag the USD lower broadly. Economists expect the US economy to have added around 170,000 jobs in January, while the unemployment rate is estimated to hold steady at 4.1%.  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…

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Filed under: News - @ February 7, 2025 7:16 am