In the view of analysts at Westpac, kiwi’s April low at 0.6217 is potentially a launchpad to much higher levels. They target the 0.66 area during the week ahead.

Targeting 0.70 by year-end

“NZD/USD made a tentative bottom at 0.6217 on 12 May, but it’s not yet clear that will be the launching pad for a run to our year-end target of 0.7000.”

“Near term, we do remain bullish, particularly given the RBNZ’s more hawkish posture which was revealed yesterday. We target 0.66 during the week ahead.”