The NZD/USD was launched higher yesterday morning. Subsequently it consolidated it gains until early this morning when it has subsided to 0.8160.
Yesterday’s domestic data releases (Performance of Services Index, REINZ house prices) had little impact on the NZD. Eyes are firmly focused offshore at present. Following the Summers announcement yesterday morning, the NZD/USD was catapulted from 0.8140 to above 0.8220. During the day the currency consolidated in a tight 0.8180 to 0.8220 range. However, early the morning the broad USD index began to claw back some of its losses. This saw the NZD/USD subside to 0.8160 currently.
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