The New Zealand dollar was quite resilient in the wake of the Fed rate hike also enjoying some good domestic data. How will it trade into the Christmas holiday? Trade balance is the highlight. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
The economy in New Zealand grew by 0.9% q/q, better than expected and also positive in absolute terms. In addition, the kiwi enjoyed a second consecutive rise in milk prices. The historic rate hike in the US was well telegraphed, and while it did boost the greenback, we didn’t see a collapse in the resilient kiwi.
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