The kiwi is lower again below 0.65. As economists at ANZ Bank note, hard landing fears continue to undermine carry.

USD steamrolls its way back into the picture

“The volatility continues as the USD steamrolls its way back into the picture, trumping the currencies of even the most hawkish central banks like the RBNZ, and the Bank of Canada, who hiked another 50bps.” 

“On the global side, it’s all about bond yields and equity prices, but locally, we remain attuned to the hard landing fears, which undermine carry.”

“Support 0.6230/0.6410 Resistance 0.6545/0.6625/0.6840.”