NZD/USD remains subdued near 0.5750 following Trade Balance data

• NZD/USD struggles as New Zealand posted a trade deficit of NZD 486 million in January.
• The New Zealand Dollar could face challenges as Governor Orr indicated more rate cuts in the coming months.
• US Initial Jobless Claims rose to 219,000 in the previous week, surpassing the expected 215,000.

NZD/USD holds loses following approximately 1% gains registered in the previous session, trading around 0.5760 during the Asian hours. The New Zealand Dollar (NZD) loses ground following domestic Trade Balance data released on Friday.

New Zealand recorded a trade deficit of NZD 486 million in January 2025, reversing from December’s revised surplus of NZD 94 million (previously NZD 219 million). Goods exports declined to NZD 6.19 billion from NZD 6.67 billion, while imports rose to NZD 6.8 billion from NZD 6.62 billion.