NZ FinMin Robertson: Economic environment remains challenging
New Zealand (NZ) Minister of Finance (FinMin) Grant Robertson crossed wires, via Reuters, early Wednesday in Asia while confirming that the economic environment in the Pacific nation remains challenging.
“Projections for budget spending are ‘responsible’,” added the policymaker while also saying that he is not prepared to deliver an austerity budget.
NZ FinMin Robertson previously criticized higher rates by saying that tere have been long standing concerns that the market is not working well for New Zealanders.
Also read: NZ FinMin Robertson, Treasury criticize higher interest rates
NZD/USD pauses corrective bounce
Following the news, NZD/USD pauses the late Tuesday’s corrective bounce off the lowest level in a week by grinding near the intraday high of around 0.6170. It’s worth noting that the hawkish Fed talks and fears surrounding China previously weighed down the Kiwi pair.
Also read: NZD/USD defended the 200-day SMA, still vulnerable