Analysts at ANZ explained that NZD remains under pressure against the USD and other crosses.
“For NZD/USD, the 0.6860 level (Dec-16 low) looks pivotal; a sustained break below opens up a push to the mid-0.66s. This weakness is at odds with local data, but global nuances are dominating.
The finger can partly be pointed at protectionist nuances and the NZD looks like it is being thrown in with the CAD. The oddball is the NZD/AUD, which has traded against relative inflation signals.”