At around 0.8100, the NZD/USD opens the week threatening to break out of the 0.7690-0.8130 range that has contained it for the past three months.
This follows another week of general NZD outperformance (notwithstanding Friday’s brief earthquake-driven dip). Last week’s local economic data (consumer confidence, retail sales, house sales, and manufacturing PMI) showed the NZ economy is on the verge of taking off. Above-trend GDP growth this year looks increasingly to be the risk.
Read the full report: FX Daily
BNZ