NZD: macroeconomic data should remain upbeat – Westpac

Research Team at Westpac, suggests that NZ's macroeconomic data should remain upbeat in the week ahead.

Key Quotes

“If anything there's a slightly weaker case right now for RBNZ cuts below the "promised" 1.75%. All of this should be NZD supportive but as is usually the case global risk sentiment dominates.

Technical: Has a top formed? Weekly momentum is becoming concerning after NZD/USD fell back below 0.7400, but the uptrend from 0.6130 remains intact. Near term rebounds are critical. If NZD falter around 0.7400, bias will turn towards another and deeper slide to test 0.7205-20 area.”