It’s been a fairly choppy ride in the NZD/USD over the past 24 hours. It’s all been for nothing though, with the kiwi opening this morning pretty close to where it was this time yesterday, around 0.8270. Despite being tested several times, key support around 0.8240 continues to hold.There’s been no lasting fallout on the currency from yesterday’s RBNZ meeting. To us, there was only one point of difference in yesterday’s statement compared to the RBNZ’s September missive and that was the acknowledgement that the strong NZD is threatening to postpone the RBNZ’s tightening cycle.
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