NZD/USD declines below 0.5750 as Iran conflict supports US Dollar
The NZD/USD pair tumbles to near 0.5725 during the Asian trading hours on Thursday. The US Dollar (USD) edges higher against the New Zealand Dollar (NZD) as market caution persists due to the ongoing conflict in the Middle East, which boosts safe-haven demand.
US President Donald Trump said on Thursday that he expects the war with Iran to last another two to three weeks, but deemed it close to an end. Trump further stated that Iran's ability to launch missiles and drones has been curtailed. A White House official stated that the US President will focus on the operation having met or exceeded all of its benchmarks, including destroying Iran’s ballistic missiles and production facilities.
"Trump's comments failed to reassure markets ... markets are starting to realize that the war will probably escalate further from here before de-escalating," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
The attention will shift to the US employment report for March, which will be published later on Friday. The US economy is expected to show 60,000 job additions in March, while the Unemployment Rate is projected to hold steady at 4.4% during the same period. Any signs of weakening in the US labour market could drag the Greenback lower and act as a tailwind for the pair.
The Reserve Bank of New Zealand (RBNZ) will announce its interest rate decision next week. RBNZ Governor Anna Breman indicated the bank might "look through" temporary energy-driven inflation but could hike if long-term expectations are threatened.
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