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The US dollar carries on its rally since Friday after a strong inflation report and comments last week from Janet Yellen that seemed to indicate that an interest rate increase remains on the table.
On the opposite side of the US Fed is the RBNZ which may reverse its interest increases with a cut in the near term.
Expectations that the Reserve Bank may cut interest rates as early as next month's meeting are also weighing on the NZD, Kelleher said.
Traders are pricing in a 50% chance of a cut at the RBNZ's June 11th monetary policy statement.
Data events lined up for this week:
- NZ is scheduled to announce trade balance MoM amid the majority of the US and European markets are off today.
- NZ building permits for April MoM is scheduled to be released on Friday. The building permits in New Zealand increased to 924.83 NZD million in March of 2015 from 769.23 NZD million in February of 2015.
- ANZ business confidence is also lined for data announcement on this Friday. The business confidence in New Zealand decreased to 30.20 in April of 2015 from 35.80 in March of 2015.
It has been gradually declining as the US dollar recovered its momentum.
