NZD/USD: Minor recovery vs strong downtrend

FXStreet (Guatemala) - NZD/USD is currently trading at 0.7590 with a high of 0.7667 and a low of 0.7536.

NZD/USD is doing a little better with commodities performing and the greenback lower in to the final sessions for the week. The Bird has rallied over half a greenback vs the strong downtrend of yesterday's business. There were some soft data from the US calendar today also in housing starts, Markit manufacturing PMI and jobless claims while next week for NZ is all about
the RBNZ’s OCR Review (Thu).

There are no changes expected from the RBNZ as the March statement was projecting a steady OCR projected for the next two years. However analysts at Westpac explained, "We suspect the tone of the one-page release will be more dovish than March’s, mainly because the NZD TWI is 4% higher than forecast. That implies a 20bp-30bp downgrade to the OCR projection, but we won’t know until the June MPS ," and adding, " The NZD/USD rally risks slowing down next week and we switch to a neutral bias, 0.7550-0.7750 expected to contain."