The recent stall in the run up to 0.6500 is well behind us now with most of the action of late all about US Dollar (USD) strength and “risk” of market sentiment taking down the New Zealand Dollar (NZD). Recent US data in the form of New Home Sales and Core Goods Orders both printed above expectations helped to squeeze the kiwi lower to 0.6120 this morning. Last week’s NZ inflation data came in soft, repricing dovish RBNZ expectations which should keep the kiwi on a downward trajectory. Key support sits at 0.6050 and 0.6000, below here and the cross could carve out a broader long-term bear run.
The current interbank midrate is: NZDUSD 0.6119
The interbank range this week has been: NZDUSD 0.6110- 0.6186