NZD/USD advances as US Dollar weakens on Trump’s Middle East remarks
- NZD/USD advances on Tuesday as the US Dollar eases after Donald Trump suggested the war could end soon.
- Oil prices retreat following discussions among G7 countries about a potential coordinated release of strategic reserves.
- Markets now focus on upcoming US inflation data and New Zealand activity indicators.
NZD/USD trades around 0.5955 at the time of writing on Tuesday, gaining 0.35% on the day as the US Dollar (USD) softens across the board.
The US Dollar is losing momentum after US President Donald Trump suggested that the ongoing conflict in the Middle East could end “very soon”. Trump also indicated that the United States (US) could waive some Oil-related sanctions and deploy the US Navy to escort commercial tankers through the Strait of Hormuz, easing fears of major supply disruptions.
Oil prices had surged sharply since the start of the conflict amid concerns over potential disruptions to energy flows in the region. However, prices retreated after Trump’s remarks and reports that G7 countries are considering a coordinated release of strategic Oil reserves through the International Energy Agency (IEA). The decline in Oil prices has helped ease market fears of rising global inflation, improving overall risk sentiment and supporting risk-sensitive currencies such as the New Zealand Dollar (NZD).
Despite this easing, geopolitical uncertainty remains elevated. Iran warned that it would block Oil shipments through the Strait of Hormuz if attacks from the United States and Israel continue, keeping investors cautious.
On the macroeconomic front, the ADP Employment Change report released on Tuesday showed the four-week average rising to 15.5K from the previous 12.8K, suggesting a modest improvement in US labor market momentum.
Market participants are now turning their attention to upcoming economic releases. New Zealand’s Business NZ Performance of Manufacturing Index (PMI) is due Thursday, which could provide fresh insight into the health of the country’s industrial sector. In the United States, traders will closely watch the Consumer Price Index (CPI) report scheduled for Wednesday, followed by the Personal Consumption Expenditures (PCE) Price Index on Friday, the Federal Reserve’s preferred inflation gauge.
(This story was corrected on March 10 at 19:57 to say that New Zealand’s Business NZ Performance of Manufacturing Index (PMI) will be released on Thursday, not later on Tuesday.)
New Zealand Dollar Price Today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.17% | -0.03% | -0.09% | -1.02% | -0.31% | -0.07% | |
| EUR | 0.08% | -0.08% | 0.06% | -0.01% | -0.95% | -0.20% | 0.02% | |
| GBP | 0.17% | 0.08% | 0.11% | 0.06% | -0.88% | -0.15% | 0.11% | |
| JPY | 0.03% | -0.06% | -0.11% | -0.07% | -1.00% | -0.29% | -0.03% | |
| CAD | 0.09% | 0.01% | -0.06% | 0.07% | -0.92% | -0.22% | 0.05% | |
| AUD | 1.02% | 0.95% | 0.88% | 1.00% | 0.92% | 0.73% | 0.97% | |
| NZD | 0.31% | 0.20% | 0.15% | 0.29% | 0.22% | -0.73% | 0.26% | |
| CHF | 0.07% | -0.02% | -0.11% | 0.03% | -0.05% | -0.97% | -0.26% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Author
Ghiles Guezout
FXStreet
Ghiles Guezout is a Market Analyst with a strong background in stock market investments, trading, and cryptocurrencies. He combines fundamental and technical analysis skills to identify market opportunities.
