#NZDUSD @ 0.62159 : Kiwi is being singled out for some of its “sins” – ANZ
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NZD/USD seems to have stalled a two-day-old corrective slide from over a one-month high touched earlier this week. NZD bears cite deficits and poor trade data as risk factors, economists at ANZ Bank report.
“It looks like the NZD is being singled out for some of its ‘sins’; our huge current account deficit and yesterday’s poor trade data.”
“The big picture looks pretty binary, with the market oscillating on a whim from bullish (cyclone rebuild, remote from global banking issues, RBNZ likely to keep hiking) to bearish (current account deficit, one-trick pony housing-centric economy, USD safe haven, credit ratings at risk).”
“Ahead of the Fed decision, more volatility is likely; brace for that.”
“Support 0.5750/0.5900/0.6090 – Resistance 0.6540/0.6675.”
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