NZD/USD climbs to two-week top, around 0.6065 as USD remains depressed ahead of US NFP

FXStreetFeb 11, 2026 4:16 AM

NZD/USD attracts fresh buyers as a bearish USD offsets unimpressive inflation figures from China.
Fed rate cut bets and concerns about the Fed’s independence continue to weigh on the Greenback.
A positive risk tone further undermines the buck and benefits the Kiwi ahead of the US NFP report.

The NZD/USD pair regains positive traction following the previous day's modest decline and climbs to a nearly two-week high during the Asian session on Wednesday. Spot prices currently trade around the 0.6065 region and seem poised to climb further amid a bearish US Dollar (USD), though traders might opt to wait for the release of the US Nonfarm Payrolls (NFP) report.

The closely-watched US monthly employment details would provide more cues about the US Federal Reserve's (Fed) policy outlook amid rising bets for more interest rate cuts in 2026. This, in turn, will play a key role in influencing the near-term US Dollar (USD) price dynamics and provide some meaningful impetus to the NZD/USD pair. Heading into the key data risk, dovish Fed expectations, along with concerns about the central bank's independence, keep the USD depressed near its lowest level in over a week.

Apart from this, the underlying bullish sentiment is seen as another factor undermining the Greenback's safe-haven status and lending some support to the Kiwi. This, to a larger extent, offsets rather unimpressive China's inflation figures, which pointed to weak household demand and reinforced concerns that deflationary pressures continue to weigh on the world’s second-largest economy. The official data showed China's headline Consumer Price Index (CPI) rose 0.2% YoY in January, down sharply from 0.8% rise in the previous month.

Moreover, the National Bureau of Statistics reported that China's Producer Price Index (PPI) remained in contraction for a 40th consecutive month and fell 1.4% YoY during the reported month. Meanwhile, the data raised hopes for more fiscal and monetary stimulus from China, which benefits antipodean currencies, including the New Zealand Dollar (NZD). That said, a rise in New Zealand's Unemployment Rate in the fourth quarter of 2025 dampened hopes for any tightening by the Reserve Bank of New Zealand (RBNZ) and might cap the NZD/USD pair.

US Dollar Price This week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the British Pound.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.81%	-0.55%	-2.56%	-1.11%	-1.60%	-0.83%	-1.40%
EUR	0.81%		0.27%	-1.81%	-0.30%	-0.80%	-0.02%	-0.59%
GBP	0.55%	-0.27%		-1.76%	-0.57%	-1.07%	-0.29%	-0.86%
JPY	2.56%	1.81%	1.76%		1.54%	1.02%	1.83%	1.12%
CAD	1.11%	0.30%	0.57%	-1.54%		-0.40%	0.29%	-0.30%
AUD	1.60%	0.80%	1.07%	-1.02%	0.40%		0.79%	0.20%
NZD	0.83%	0.02%	0.29%	-1.83%	-0.29%	-0.79%		-0.58%
CHF	1.40%	0.59%	0.86%	-1.12%	0.30%	-0.20%	0.58%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

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