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Analysts at Westpac offered a brief outlook for the NZD/USD pair, which managed to regain positive traction on Monday and held steady just below last week’s swing high.

Key Quotes:

“NZD/USD momentum remains positive, targeting 0.6470 during the week ahead. Fundamentals have been supportive recently: stronger housing and inflation data, rising NZ-US yield spreads thanks to the RBNZ’s less dovish outlook, and rising commodity prices over the past two months. Dairy prices have been a major part of the commodities story. Notably, whole milk powder is at a four-year high, with demand (China has dominated) and supply (globally tight) both contributing.”