The New Zealand dollar managed to stage a recovery, but this was short lived. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
The price of milk extended its recovery, with the GDT Price Index jumping by 16.5%. However, GDT went in the opposite direction to GDP, which advanced by only 0.4% and implies further rate cuts. In the US, the Fed refrained from hiking and its worries about the global economy eventually triggered the question: which bank goes next? The kiwi had its time in the sun, but this didn’t go too far.
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