The Kiwi pair failed to take advantage of the US Dollar (USD) declines on the previous day as pessimism surrounding Australia (its largest customer), coupled with lack of fresh catalysts, capped the Antipodeans buyers. However, better than forecast Trade Balance data helped the quote to remain positive on the day end for the first time in the week.
It should also be noted that Westpac now expects two rate cuts of 0.25% from the Reserve Bank of New Zealand (RBNZ), versus previously one, during August and November respectively.
The USD, on the other hand, had to bear the burden of sluggish data and market worries concerning the Fed’s next move.
NZD/USD SHORT (Sell)
Enter at: 0.67090