The New Zealand Dollar fell 0.00287 points or 0.4% to 0.72165 against the US Dollar Monday as persistent inflation concerns weighed on investors and provided a lift to the Greenback. Local 10-year bond yields were at 10-week highs of 1.891 while US 10-year rates eased to 1.618%. In the US, data showed that retail sales unexpectedly showed no growth from a month earlier in April, suggesting Americans stopped spending their stimulus checks, while the University of Michigan's consumer sentiment fell below forecasts due to rising inflation. Still, comments from several Fed officials reiterating the Fed's commitment to economic support helped to calm investors' nerves. In local data, the Business NZ Performance of Services Index increased to 61.2 in April from an upwardly revised 52.9 in the previous month, the highest reading since the survey began in 2007.
Historically, the New Zealand Dollar reached an all time high of 1.49 in October of 1973. New Zealand Dollar - data, forecasts, historical chart - was last updated on May of 2021.
The New Zealand Dollar is expected to trade at 0.72 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.71 in 12 months time.