• NZD/USD faces some selling pressure to near 0.5970 in Wednesday’s Asian session, down 0.41% on the day. 
• The USD edges higher as Trump trades continue to rally.
• New Zealand’s Unemployment Rate climbed to 4.8% in Q3 from 4.6% in Q2. 

The NZD/USD pair attracts some sellers to around 0.5970 on Wednesday during the early Asian session. The US Dollar (USD) strengthens across the board as Trump trades climb. Investors will closely monitor the outcome of the US presidential election ahead of the US Federal Reserve (Fed) meeting.

Georgia is among the first states with available exit polls, indicating a favorable outcome for Trump. According to the Washington Post, Trump won around 10% more votes than Harris in the state, which has 16 electoral votes. Trump trades continue to rally as his odds improve. Analysts expect that the victory of Donald Trump could push the USD higher. Trump’s proposals to hike tariffs against major US trading partners would result in a stronger Greenback.

On the Kiwi front, data released by Statistics New Zealand on Wednesday showed that the country’s Unemployment Rate in the third quarter (Q3) climbed to 4.8% from 4.6% in the second quarter. The figure was below the market consensus of 5.0% in the reported period.