New Zealand Dollar: The Kiwi experienced a shaky day in Asia yesterday as news broke NZ farm sales in January had collapsed by more than a third to 46, the lowest in 7 years. Banks have tightened lending for Agribusiness, a fundamental components of New Zealand’s economy, in response to the Reserve Banks warning last year regarding their large exposure to farming debt. During offshore trade investor optimism pushed the Kiwi to test 0.7080 USD on several occasions. Today the Kiwi opens at 0.7034 ahead of today’s NZ consumer confidence figures.
- I expect a range today in the NZD/USD rate of 0.6980 to 0.7075
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