NZD/USD is threatening the key 0.6780 level, a break of which would technically signal a much larger fall to come, according to Imre Speizer, Research Analyst at Westpac.
Key Quotes
“Markets appear to have latched onto the theme that NZ’s economy is slowing, recently evidenced by Q1 GDP data, and again yesterday by the ANZ business confidence survey’s activity component. That component is watched because it is more frequent and more timely than the official GDP data.”
“The stronger USD, unattractive NZ-US yield spreads, and slower NZ economy, should all help to push NZD/USD down to 0.67 or lower this year.”
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