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NZD/USD – A Bounce to 7000?
The kiwi has been under relentless selling pressure ever since the RBNZ changed its posture and decided to cut rates in order to lower the value of the currency. The RBNZ has been greatly concerned with with valuation of the dollar and its negative impact on the country’s Trade Deficit. New Zealand lives and dies by its food exports and the combination of stronger dollar and weaker demand from China has made growth a challenge over the past few quarters.
However, after continuous selling the kiwi appears to have found some support over the past week ahead of the key 6800 figure. It even managed to stage 2 consecutive up days in more than a month. Today’s NZ Trade figures could determine if the move continues or if the kiwi once again heads to test the recent lows. The market is looking for a small deficit of -50M, but if the numbers surprise to the up side, the kiwi could climb towards 7000 over the next few days.