New Zealand Dollar Nears Seven-Week Low Amid Stronger US Dollar

The New Zealand dollar (NZD) is hovering near its seven-week low, trading at 60.58 US cents at the time of writing, as it faces pressure from a strengthening US dollar and a potential domestic official cash rate cut. The NZD briefly dipped to 60.55 US cents overnight. BNZ senior interest rate strategist Stuart Ritson highlighted that the kiwi has weakened further in offshore trading due to the robust performance of the US dollar. The US dollar index has retraced over 50% of its August-September rally, adding to the downward pressure on the kiwi. Economists are closely watching the New Zealand dollar as market trends suggest further depreciation could be on the horizon.

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