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Analysts at ING suggest that in a quiet week of the New Zealand calendar, the kiwi could be quite sensitive to Oct business confidence data as the rising speculation of an RBNZ rate cut in recent months has been largely due to waning business confidence.

Key Quotes

“With NZD/USD having broken the 0.65 level, and very few positive catalysts on the horizon, there’s a risk that we could see a decline to 0.61-0.62 (2015 lows) on the back of rising US Treasury yields in the coming months.”

“For now, we think NZD/USD will spend most of its time below 0.65 in 4Q18 – with investors retaining a sell on rallies bias.”