The New Zealand dollar dipped today, falling for the second day and igniting talks that the period of strength for the currency is over and a bearish trend has begun.
Various technical analysts say that it looks like the kiwi is in danger of a downside breakout, while others argue that it has already occurred. The interest rate outlook, which was supportive for the currency previously, is not helpful right now as there are talks that the central bank may pause monetary tightening due to unfavorable economic indicators. All these considerations make the New Zealand dollar much less attractive than it has been previously.
NZD/USD dropped from 0.8429 to 0.8472 as of 13:30 GMT today, trading near the lowest level since March 12. NZD/JPY declined from 86.48 to 86.20, staying near the lowest since March 6.
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