FX News

NZD/USD Conversion:

Recession fears in the USA continue to drive poor sentiment across the board with the overall theme of investors buying the safe haven greenback. The New Zealand Dollar (NZD) made solid improvements last week but failed to consolidate around tops of 0.6560 drifting lower over the week to 0.6440 this morning. The Fed’s GDP tracker has recently fuelled more worry around the chances of a recession with the World Bank downgrading the global growth forecasts. The OECD says the increased inflation expectations and the war in Ukraine has made for a chilling growth outlook. We await the US inflation read for May with predictions of a rise of 0.7%. Should the print come in lower markets may draw conclusions that headline inflation may have peaked. It’s hard to see further upside in the kiwi over the short to medium term all things considered- buying the USD on spikes could be the way to go.

NZD/USD pair this week:
The current interbank midrate is: NZDUSD 0.6438
The interbank range this week has been: NZDUSD 0.6422- 0.6535

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