The New Zealand dollar is trading at the worst levels since February 2016

New Zealand dollar shorts were the best trade this week

It hasn't been a pretty picture for the New Zealand dollar over the past few months. In April, NZD/USD was trading at 74-cents but it's lost nearly 12% since and is now at the worst levels since February 2016.

There's been no sign of improvement and NZD/USD shorts were the best trade in major FX in the past week, losing another 1.3%.

The weekly chart shows the breakdown starting in July and hitting a fresh low this on the break of the August 15 low of 0.6545. The weekly low was set Wednesday at 0.6530 but we've just broken it.

There isn't much support here and talk of another $267 billion in US tariffs on China isn't exactly helping. Terms of trade numbers from New Zealand this week were also disappointing.