The New Zealand Dollar (NZD) has been the worst performer over the week across the board but held its ground against the US Dollar (USD) coming off light losses from the weekly open at 0.6055 to 0.6040 this morning. Perhaps supported off the back of AUD gains post the RBA hike. However, the cross is still has a downward bias when we compare to the 0.6400 high in mid-May. It’s been a light week of data with just US Manufacturing printing at 50.3 vs 52.6 adding to US recession fears. With the RBNZ less hawkish of late and what’s expected to be a poor 1st quarter GDP print next week with chances the economy dropping into a recession, we could see further poor performances by the NZD late into the year
The current interbank midrate is: NZDUSD 0.6049
The interbank range this week has been: NZDUSD 0.6028- 0.6099