Turns lower under 200-DMA – BBH

NZD/USD has fallen below its 200-day moving average of 0.6071, according to analysts at BBH. The NZ Institute of Economic Research (NZIER) Survey of Business Opinion (QSBO) for Q2 showed a decline, indicating a continued slowdown in the New Zealand economy in the coming year. A net 35% of firms anticipate a deterioration in the economic outlook, compared to 25% in Q1. This suggests that the Reserve Bank of New Zealand (RBNZ) may need to implement rate cuts sooner than expected, which could put further pressure on the NZD. The RBNZ is currently planning its first policy rate cut for Q3 2025, while the swaps market is already pricing in a November cut.