NZD/USD: There is clear air till 0.5940 on a break below July’s low of 0.6061 – ANZ

NZD/USD fell below its July low. Economists at ANZ Bank highlight that the kiwi is at risk of plummeting to 0.5940.

Local factors are not a driver right now

“Chinese growth is slowing and the US dollar is benefitting as the Fed takes back the high ground of doing what needs to be done to tackle inflation. Readers may ask why we haven’t mentioned NZ; that’s because local factors aren’t a driver right now.” 

“Technically, below 0.6061 there’s clear air till 0.5940. Caution.”