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Has Kiwi Found a Bottom?
While the dollar rebound has been substantial against the majors this week, the kiwi has held up surprisingly well only off about 100 points from the recent swing highs. The pair is benefiting from the inability of the US 10 year yield to push past the 2.95% barrier.
As the highest yielder in the industrialized world, the NZDUSD is likely to hold up relatively well against the buck if US rates go no higher.
In the meantime on the economic front, the market will get a glimpse of the New Zealand Retail Sales with traders anticipating a big jump to 1.2% from 0.2% the period prior. If the number meets or beats forecasts kiwi could head back towards .7400