The New Zealand Dollar (NZD) continues to slide lower against the US Dollar (USD) extending mid week’s slump off 0.5945 to clock 0.5885 this morning. Concerns around the global economy this week has increased amid softer data releasing. US Advance GDP came in at 2.8% in Q2 up from 1.4% in Q1 showing consumer spending rose faster than expected led by motor vehicles and recreational goods. The kiwi looks delicately balanced around 0.5880 mid-morning the long-term support area, a break past 0.5860 of Mid-April could see the NZD battle to hold 0.5800.
The current interbank midrate is: NZDUSD 0.5886
The interbank range this week has been: NZDUSD 0.5877- 0.6028