The New Zealand Dollar (NZD) has fallen out of bed this week against the US Dollar (USD) posting numbers around low 0.62’s this morning. At the start of the week the cross actually rose reaching 0.6380 before dropping on geopolitical uncertainty. Attention shifts today to the US Non-Farm Payroll (NFP) release and unemployment rate. If the report shows a weaker than predicted outcome we could see the Federal Reserve (Fed) consider cutting rates deeper in the coming months putting big pressure on the greenback. The kiwi may be relief around 0.6200 with strong support seen on the chart.
The current interbank midrate is: NZDUSD 0.6216
The interbank range this week has been: NZDUSD 0.6206- 0.6378