Westpac called 0.6785 for the kiwi dollar, post is here:
And, check this out as part of their reasoning:
- Most of the directional changes have been caused by the USD, rather than local NZ events,
Which is spot on considering the final boost for the NZD was due to the perception of comments from New York Federal Reserve President John Williams during US time Thursday:
- Fed's Williams: It is better to take a preventative approach than to wait for disaster
- US dollar weakens after dovish Williams comments
- Fed funds futures now pricing in at 59% chance for 50 bps cut in July
Those sent the USD lower, the kiwi was a beneficiary.
Of course, once the target was hit William's cru at the NT Fed wound back his remarks:
- New York Fed says Williams' speech was not about potential policy actions at the July
- US dollar gaining points on New York Fed disavowing Williams
- The New York Fed wound back Williams comments at the most damaging time of the day - here's why
Sheesh. WPAC nailed it!
