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NZD underperforming amidst a broader USD rally - BNZ

FXStreet (Łódź) - Raiko Shareef, Currency Strategist at BNZ notes that the NZD dropped against the greenback over the last month more than 29 of 31 major currencies tracked by Bloomberg.

Key quotes

"Downward traction in NZD/USD has stalled, though, in the face of strong technical resistance ahead of 0.8400."

"To make further progress, we will likely need a sustained rise in FX volatility or another bout of USD strength."

"On the latter, while positive data flow will be supportive, another hawkish (or less dovish) missive from the Fed is the crucial missing ingredient."

"In that vein, we look to the Fed’s annual academic symposium at Jackson Hole (21-23 August) as a possible flashpoint."

"Failing that, we may have to sit on our hands until the September policy meeting, where updated forecasts are due to be published, and Yellen will front up to financial media."

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