The New Zealand Dollar (NZD) wasn’t able to hold 0.6260 levels midweek dropping back to 0.6200 against the US Dollar (USD) early Friday as the equity rally ran into selling pressures. Fed officials have indicated the next policy meeting rate decision will most likely be a close call with most members hinting they support further hikes. Lifting the rate another quarter percent seems to be the call come June 14th. NZ Producer prices come in light just prior to the NZ annual budget being read, the cross bouncing around over the announcement. Next week’s RBNZ policy meeting Wednesday could be interesting with the budget pushing up chances of further hikes by the central bank with the budget not doing much to ease inflationary pressures.
The current interbank midrate is: NZDUSD 0.6240
The interbank range this week has been: NZDUSD 0.6185- 0.6271