FX News

NZD/USD Transfer

It’s been a game of two halves this week with the New Zealand Dollar (NZD) reaching 0.6170 from 0.6115 only to drift back to 0.6090 Thursday against the US Dollar (USD). Prelim US GDP came in at 1.3%, higher than the 1.3% forecast and well below the 1.6% from the December quarter. The US economy growing at a slower pace than reported blaming softer consumer spending on goods and services. Repricing of Fed bets on rate cuts are being talked about with their rate cut path now predicted to be less aggressive. We still believe the NZD will keep improving, resistance lies at 0.6200 on the chart. However, with US PCE Inflation index to publish tonight, the feds favourite inflation barometer, which could show sluggish inflation we could see the NZD weaken off.

The current interbank midrate is: NZDUSD 0.6121

The interbank range this week has been: NZDUSD 0.6083- 0.6169

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