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Analysts at ANZ Bank New Zealand Limited (“ANZ”) explained that tt has been one-way traffic for the NZD of late as support levels give way on the back of a stronger USD.  

Key Quotes:

“There were some hints of stabilisation before the New York close, and the PBoC RRR cut may help to support risk in the near-term.”

“However, it still feels like an environment where rallies will be sold into”.

“Support 0.6350 Resistance 0.6480″

“There will be some interest in the Chinese services PMI figures, but they will only likely serve as a modest distraction to how the weakness in US fixed income markets is impacting global risk assets.”

“RATES: The local rates market has largely been a bystander in the US fixed income rout. Unless there is a large reassessment of allocations by global asset managers (which we are not expecting at this stage), then we expect the market here to continue to outperform.”