The NZD has been under pressure for the majority of the June quarter and is down around 8% from its 2018 highs, points out the research team at ANZ. Key Quotes “The stronger USD, widening interest rate differentials, a less synchronised global growth backdrop and jittery market sentiment have all conspired to see the NZD re-rate lower.” “Admittedly, around current levels the NZD is near the bottom of our short-term fair value range, and market positioning is now at relatively extreme short levels. That may limit further downside near-term. But we maintain a negative bias overall and believe that while our forecasts show a more modest pace of decline against the USD from here, the NZD should continue to trade in a defensive manner. We struggle to get upbeat.” “Admittedly, for the NZD, we suspect much of this theme will play out via underperformance against funding currencies, like the JPY and EUR.” “But beyond this, there are other forces that should also limit any meaningful NZD bounces. The domestic growth picture is starting to look more lacklustre and late cycle, and likely to keep the RBNZ cautious. The export commodity price story is also now more mature, which, while not outright NZD negative, shouldn’t drive further NZD strength. And global trade uncertainties look set to linger.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY keeping close tabs on the 110.00 handle as markets struggle to pick a direction FX Street 5 years The NZD has been under pressure for the majority of the June quarter and is down around 8% from its 2018 highs, points out the research team at ANZ. Key Quotes "The stronger USD, widening interest rate differentials, a less synchronised global growth backdrop and jittery market sentiment have all conspired to see the NZD re-rate lower." "Admittedly, around current levels the NZD is near the bottom of our short-term fair value range, and market positioning is now at relatively extreme short levels. That may limit further downside near-term. But we maintain a negative bias overall and believe that while… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.