The New Zealand Dollar was easing lower in late morning trading Friday as a looming speech from Federal Reserve (Fed) Chairman Jerome Powell overshadowed hints of a shift into a more patient interest rate stance by Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr.
The New Zealand Dollar was treading water on Monday after lagging behind G10 rivals at the opening of the new week, and multiple analysts are saying the Kiwi currency is likely to extend its months-long downtrend in the days ahead as domestic data lays bare the challenges faced by the economy.
The GBP/NZD exchange rate is trading at around 1.8728, after rising about 0.75% so far at the start of the new trading week, and studies of the charts suggest mixed signals make a firm directional forecast too risky at this juncture.
The New Zealand Dollar was weaker in the face of a recovering U.S. greenback Thursday and is set for further declines in the week ahead, according to strategists at Westpac, who say a break below a key support on the charts would risk pushing the Kiwi to what would be its lowest level in nearly five years.
The New Zealand Dollar was crushed during early trading Wednesday as investors responded to a Reserve Bank of New Zealand (RBNZ) interest rate cut that was larger than markets expected and guidance for the future that was more 'dovish' than many had anticipated.
The New Zealand Dollar softened Tuesday even after the latest jobs figures showed the labour market in rude health during the second quarter, with markets overlooking the data in light of an immiment interest rate decision from the Reserve Bank of New Zealand (RBNZ).