NZD/USD has established above 0.58. However, economists at HSBC expect the pair to edge lower in the coming weeks. 

Damage to the economy may emerge over time

“NZD/USD is expected to go lower in the coming weeks on risk aversion.” 

“With a series of positive spending, migration, and inflation data in New Zealand, the market is not seeing hard-landing risks as pronounced as before. That said, the market is currently priced for an additional increase of 200 bps in policy rate by mid-2023, so damage to the economy may emerge over time.”