The New Zealand Dollar (NZD) has managed to avoid dropping below long-term support at 0.6080 this week against the US Dollar (USD) retesting this area earlier in the week trading into Friday around 0.6120. NZ GDP came in hot Thursday at a surprising 0.2% against expectations of 0.1%- staggering, given we expected a negative result. However, this data is first quarter ending March and incoming data since has not been rosy. If second quarter GDP comes in above 0.0% the only conclusion would be someone is “doctoring the logbooks”. US Building Permits were a miss this morning with data suggesting new residential construction has dived 5.5% in May. US GDP prints next week.
The current interbank midrate is: NZDUSD 0.6117
The interbank range this week has been: NZDUSD 0.6096- 0.6147