The NZD/USD has been subject to the machinations of the reserve currency, the US Dollar. The Jackson Hole Symposium, closing out last week, shed no new light on monetary policy. Fed Chairman Powell continued to warn of high inflation and further possible interest rate rises. Par for the course. PCE readings of inflation this week, confirmed it remained stubbornly high, increasing the risk of further rate rises. The NZD has plunged all the way back to 0.5900 and looks likely to remain under pressure, while the USD is supported by rising interest rates.
Current Level: .5962
Last week’s range: .5900 – .5980