NZD/USD attracts some sellers below 0.6000 as Trump trades climb

• 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.

New Zealand's economy contracted in the second quarter and is estimated to have shrunk further in the third quarter, triggering the Reserve Bank of New Zealand (RBNZ) to continue cutting interest rates to revive growth. The New Zealand central bank decided to cut the Official Cash Rate (OCR) by 75 basis points (bps) since it began an easing cycle in August. The markets expect another 50 bps cut at the final policy decision of the year on November 27, which would take the OCR to 4.25%.