The New Zealand Dollar (NZD) rise post mid week’s NZ CPI release to 0.6100 levels was short lived as we expected- the kiwi giving back gains Thursday to clock 0.6040 in late NY trading as downside bias resumed. Earlier US Fed chair Powell said the central bank would not wait until inflation is back at 2.0% to cut rates which could end up sending the NZD higher at some point if we see a policy change. The cross is sitting just above the 10-week low of 0.6033- a swing through here and 0.6000 is the next target zone.
The current interbank midrate is: NZDUSD 0.6035
The interbank range this week has been: NZDUSD 0.6033- 0.6110