Citi discusses NZD/USD outlook and notes that prices is now at an almost 4 year low which suggests an extension towards the August-2015 low around 0.6130.
"Earlier in the day RBNZ Governor Orr was on the wires with an unscheduled opinion piece. There was nothing major from the first read - no explicit mention of QE or alternative monetary policy. Orr did tie the level of interest rates in NZ to the global economy - acknowledging that the level of global rates dictates that the RBNZ needs “more rope - or face a rising exchange rate and tighter financial conditions.” Citi notes.
"We might be trying too hard to look for an explanation of the fall in NZDUSD. Either way the trend has been consistent all day with the next support not seen until 0.627 and then 0.6130 which was the August 2015 low," Citi adds.