The New Zealand Dollar (NZD) has been the top dog this week rising to 0.5740 yesterday against the US Dollar (USD) before dropping back to 0.5670 into Friday trading. Earlier the CPI release brought buyers back into the NZD after predictions on further rate hikes fast came into play. CPI for the 3rd quarter came in slightly lower from 7.3% to 7.2% on a year-on-year basis but it was the quarterly result which surprised at 2.2% after forecasters had predicted 1.5%. This indicates a squeeze on consumer buying in the past few months with increased utilities, construction and renting, all of which could worsen heading into 2023. The chart suggests we are sitting at the top of the early August bear channel which representing good buying.
The current interbank midrate is: NZDUSD 0.5674
The interbank range this week has been: NZDUSD 0.5547- 0.5739