NZD/USD is close to flat on the day, holding the 0.5900 region and unable to join the broader move against a soft US Dollar (USD).
On its own, that hawkish lean should be helping the Kiwi, and so should the weak Dollar. The Greenback is soft across the board, with August’s run of cooler US data trimming bets on a Federal Reserve (Fed) move and a Reuters poll now pointing to rates on hold for the rest of the year.
On China, weekend data showed both industrial production and retail sales slowing and missing forecasts, a soft read on activity in New Zealand’s largest export market. For a commodity currency tied to Chinese demand, that is enough…
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