The New Zealand dollar remains weak in the pair with the US dollar. The current NZDUSD exchange rate stands at 0.5993.
There are reshuffles planned within the Reserve Bank of New Zealand committee. The two new members joining the RBNZ will face numerous challenges. New Zealand’s economy is in a recession phase, with expectations for interest rate hikes continuing to rise.
According to open data, the country’s economy has declined for four out of the last five quarters, which is very alarming.
The financial and management experience of the new policymakers is expected to help improve New Zealand’s monetary policy.
Meanwhile, the local strengthening of the USD positions exerts pressure on the NZD.