FxWirePro: NZD/USD stalls upsurge, stays supported just above 0.67 handle
The New Zealand dollar spiked to a two-week high of $0.6739 after Wheeler's speech, but later eased back and remains supported just above 0.67 handle RBNZ Governor Wheeler believed that a lower exchange rate is needed to…
The New Zealand dollar spiked to a two-week high of $0.6739 after Wheeler's speech, but later eased back and remains supported just above 0.67 handle
RBNZ Governor Wheeler believed that a lower exchange rate is needed to support its economy but added that the economy currently isn't weak enough that it requires more exuberant OCR cut expectations
A further 25 basis point rate cut is expected in the Sept 10 monetary policy statement with another cut to 2.5 percent is expected by the end of the year
Kiwi underpinned by Wheeler's speech, a retreating US dollar across the board also supported the upmoves
NZD/USD is currently trading at 0.6708, with immediate resistance at 0.6738 (Jul 28 highs) and support at 0.6620 (Daily Tenkan)
