NZD The NZD was the strongest performing currency last week. NZD/USD climbed from below 0.7000 to above 0.7150 and the TWI rose about 1.6%.

News and views

NZD The NZD/USD has spent most of the past 24 hours consolidating in a 0.7120-0.7170 range.

OUTLOOK

CURRENCY: Again expect another day where NZD demand is not strong enough to deliver a significant test of 0.72USD. The USD fortunes will be mixed as sentiment around Greece continues to swing the EUR around.

NZD

The NZD has been the strongest performing currency over the past 24 hours. NZD/USD has pushed up to near 2-month highs around 0.7150, while NZD/EUR is sitting at 2-year highs above 0.5200.

OUTLOOK

CURRENCY: NZD demand may wane slightly should the NZD approach the next difficult technical level (0.72USD) today. USD fortunes remain mixed although with a downside bias as position squaring continues.

A 'lower for longer' message must accompany a real review of monetary policy following the release of an International Monetary Fund (IMF) report say the New Zealand Manufacturers and Exporters Association (NZMEA).

The New Zealand Fabian Society will launch a seminar series this month in Auckland, Wellington and Christchurch.

OUTLOOK

CURRENCY: Expect the NZD to continue to remain on the sidelines and testing support levels. For today any move through 0.6850 will see demand increase while sellers will await any chance of a spike back above 0.69USD.

NZD

The NZD was the weakest performing currency overnight, for the second day running.