NZ dollar at 11-week low on pending rate cuts, Biden's exit

There looks to be more downside to come. (Image: Getty)

Tue, 23 Jul 2024

The spectre of domestic rate cuts and news that US President Joe Biden pulled out of the US electoral race are taking their toll on the New Zealand dollar.The kiwi was trading below 60.00 US cents late Monday in Wellington, the lowest since early May. There looks to be more downside to come.“The technical picture looks weak and, while there looks to be some support around 60.00, the April lows just below 59.00 are also on the radar – the combination of weaker risk appetite and the RBNZ’s [Reserve Bank of NZ] recent dovish...

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