NZD IS LOOKING TO RECOVER THE YEAR’S LOSSES – DBS
NZD/USD appreciated most overnight by 0.8% to 0.6252, its highest closing level since January 2, DBS Senior FX Strategist Philip Wee notes.
NZD to extend rise above 0.62
“NZD/USD can return to the 0.6320 level at the end of 2023 to fully recover this year’s losses. Technically, NZD/USD has broken above this year’s primary psychological resistance level at 0.62.”
“Policy-wise, the focus shifted to the greenback’s weakness in anticipation of the Fed’s telegraphed rate cut at the September 18 meeting, following the Reserve Bank of New Zealand’s interest rate cut on August 14.”
“Position-wise, CFTC data reported that speculators have trimmed their net short positions after aggressively dumping their six-year high net long positions during the unwinding of JPY carry trades in the past two months.”
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