Research Team at BNZ, suggests that the weaker fundamentals for the AUD have helped drive the NZD down over the past couple of weeks.
“A mild recovery in the USD after being hammered through March-April has been an additional factor in driving NZD/USD down 3 cents off its recent high around 0.7055.
We continue to see a downward bias for the NZD as the year progresses, helped by further RBA and RBNZ easing, in a world where other central banks have approached their limits for further policy easing. Another US Fed rate hike is expected to come into play later in the year, adding to a downward NZD/USD bias.”