New Zealand dollar plunges to two-month lows after upbeat US NFP report

The New Zealand dollar (NZD) has fallen to two-month lows against the US dollar (USD), with the NZD/USD pair trading near 0.5791 as of June 6, 2026, following a stronger-than-expected US Nonfarm Payrolls report. The US economy added 172,000 jobs in May, far exceeding the forecast of 85,000, and reinforcing the resilience of the labor market. The unemployment rate remained steady at 4.3%, while annual wage growth eased slightly to 3.4%. These figures have bolstered expectations that the Federal Reserve may maintain higher interest rates for an extended period, supporting the US dollar.

The NZD has struggled to attract buyers amid a cautious market mood and a broader strengthening of the USD. The pair is heading for a weekly loss of nearly 3%, with the US Dollar Index (DXY) reaching a two-month high. Technical analysis indicates a bearish near-term outlook, with the price remaining below key moving averages and the RSI signaling oversold conditions. Traders will closely watch upcoming US inflation data, including the Consumer Price Index (CPI), as well as New Zealand’s Business Performance PMI. The NZD/USD pair faces immediate resistance at 0.5802 and support at 0.5790.