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- NZD/USD: Damp market mood caps the rally – Westpac
NZD/USD: Damp market mood caps the rally – Westpac
FXStreet reports that economists at Westpac discusses NZD/USD outlook.
“The year-old NZD/USD rally peaked at 0.7465 last week. It’s unclear whether that level will represent a minor or major top. Should the recent pullback extend below 0.7200, we’d opt for the latter interpretation.”
“Domestic fundamentals remain NZD-supportive, particularly commodity prices. This week we saw a surprisingly large jump in GDT dairy auction prices, with WMP gaining 21% and the overall dairy index gaining 15%. The NZD didn’t react, though, perhaps because markets ceased closely following GDT results after fairly stable prices over the past five years.”
“Global factors will dominate NZD/USD direction. Our medium-term outlook for upbeat global sentiment and a weaker USD could be tested during the weeks ahead.”
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