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New Zealand Dollar remains calm above 0.6100 following NZ Budget 2024

2024-06-21FXStreetFXStreet
NZD/USD is on the soft side as markets pivot to Thursday’s early Pacific trading session, with the pair drifting into the 0.6100 region as the New Zealand government prepares to release its budget outline for the 2024 fiscal year alongside an updated Fiscal Strategy Report.
  • 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.

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