The Kiwi Dollar weakened overnight after comments from RBNZ Deputy Governor McDermott. He warned that weaker demand and prices could prompt a rate cut consideration and that the NZD’s strength is not welcome given the drop in export prices. NZD/USD dropped from 0.7640 to a low at 0.7566 and is currently consolidating around that level. The currency is likely to remain under pressure against the Greenback and selling rallies towards 0.7630 is the preferred strategy. To the downside, short-term support seen in the 0.7520-25 area.
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