Jane Foley, head of FX strategy at Rabobank, suggests that the shine came off the better than expected release of New Zealand Q3 GDP very quickly when the sharp downward revision to the Q2 number was taken into account.

"The sharp bounce in consumer confidence and credit card spending into the end of 2019 suggests that the RBNZ's pre-emptive rate cuts in 2019 are having a supportive impact. Looking ahead another bout of trade tensions between the US and China would likely be sufficient to reignite the risk of further rate cuts next year. So, while NZD/USD looks set to start 2020 on a firmer footing, there is scope of another move lower later in the year."