NZDUSD daily chart
The US dollar is retracing on most fronts today but the New Zealand dollar is an exception. NZD/USD remains within striking distance of a four-month low and below recent support.
Two days of heavy selling on Thursday and Friday broke through the 2024 low and it’s found little buying interest down here.
That’s a bad sign going forward for the only G10 currency that can compete with the US dollar on rate differentials.
The RBNZ cash rate is at 5.50% and the market is pricing in 73 bps in cuts this year. The housing market in New Zealand has remained resilient and it hasn’t…
