The New Zealand Dollar (NZD) posted a fresh lower low over the week of 0.6080 against the US Dollar (USD) before recovering slightly to 0.6130 into Friday. The Federal Reserve remains hawkish with Powell saying stronger than expected economic data over the last few weeks will more than likely push up interest rates past the point thought previously. The Fed chairman is hell bent on taking the economy into recession in order to strangle inflation. The target range is forecast to be 5.5%- 5.75%. Non-Farm Payroll published tonight as may be soft based on this week’s jobless claims. Trend now in the cross is very much to the downside as we edge towards key support at 0.6000.
The current interbank midrate is: NZDUSD 0.6121
The interbank range this week has been: NZDUSD 0.6083- 0.6223