The kiwi was on the back foot for quite some time. And now, a new fall in milk prices (not for the first time) and a stronger than expected figure from the US send it to new lows.
Below the 0.83 level, NZD/USD is the lowest since the beginning of the year.
The ISM Manufacturing PMI in the US climbed up to 59 points, around 2 more than expected. This reflects strong growth in the world’s No. 1 economy and raises expectations for an earlier than expected rate hike.
One of the recent blows to the kiwi came from the central bank, that signaled a pause in rate hikes. The new low is 0.8298 at the moment. Further support is at 0.8250, followed by 0.82.
For more, see the Kiwi dollar forecast. Here is how it looks on the charts:
