NZD/USD approaches 0.6000 as hopes of a US-Iran peace deal boost risk appetite
The New Zealand Dollar (NZD) keeps marching higher at two-month highs against the US Dollar (USD) on Thursday, as reports of progress in the US-Iran peace deal and lower Oil prices keep demand for the safe-haven US Dollar subdued. The pair extends gains for the third consecutive day, reaching a session high of 0.5983 so far.
News reporting that Tehran is reviewing a 14-point peace plan submitted by the US is buoying risk appetite on Thursday. US President Donald Trump has contributed to lifting sentiment by expressing optimism about a swift end to the war, stating that he held “very good talks” with Iran and suggesting a chance of reaching a deal.
Furthermore, Al Hadath, a sister channel to Al Arabiya, posted on X earlier on Thursday that intense communications are underway to reopen the Strait of Hormuz. Crude prices are trending lower, with the West Texas Intermediate (WTI) at levels just above $90 and Brent Oil below $100, providing support to the NZD, as New Zealand is an Oil-importing economy.
On the macroeconomic front, data released earlier this week revealed a decline in New Zealand’s Unemployment Rate in Q1, although the impact on the Kiwi was minimal, as these figures hardly reflect the effects of the war in the Middle East.
In the US, ADP Employment figures showed a larger-than-expected increase in job creation in April, setting a positive precedent for Friday’s Nonfarm Payrolls report. Later on the day, the weekly Initial Jobless Claims and some Fed speakers will provide some data to chew on Thursday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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