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The New Zealand dollar takes the top spot as the worst currency of the week on weak NZ economic updates leading to growing rate cut bets and global risk aversion sentiment.

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart

New Zealand Headlines and Economic data

Monday:

  • No signs of a direct catalyst for the weak start. One possibility could be that the Kiwi was tracking lower with its close trading partner, the Aussie, which fell to start the week on possibly the fall in gold (the U.S.-Mexico deal to avoid trade tariffs likely spark some waning of risk-off sentiment) or it’s possible that traders were selling Aussie ahead of the Australian jobs report. But the most likely argument is that traders are continuing to price in more rate cuts from the RBNZ this year as New Zealand data continues to disappoint.

Tuesday:

Wednesday:

Thursday:

Friday: