The NZD looks to consolidate above 0.6200, supported by a weaker reserve currency, which was undermined by a weaker than expected US labour market. The major US labour market reports so far this week, Jolts/ADP/Challenger, all point to further weakness in the labour market and threats of recessionary conditions prevailing in the USA. This will add pressure to the Fed, to begin to cut rates, at their upcoming meeting and perhaps by 50 basis points. This will add further support to commodity currencies.
The current interbank midrate is: NZDUSD .6220
The interbank range this week has been: NZDUSD .6130 – .6240