The New Zealand Dollar (NZD) recovered losses against the US Dollar (USD) as the week got underway back to 0.6170 from 0.6115- greenback weakness evident. Waning commodity prices, poor Chinese industrial data and global sentiment may continue to weigh down the currency. We see a strong probability the Federal Reserve will hike again at the late July meeting despite reasonable chances the economy could drop into recession. The Fed still adamant they need the inflation target at 2.0%. Our technical chart indicators suggest the kiwi bias is to the downside for the next while.
Current Level: 0.6163
Last Weeks Range: 0.6115-0.6236