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The price of NZDUSD has rejected the recent swing highs, and with the recent shock resignation of the New Zealand PM, could the Kiwi trade weaken further?
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NZDUSD: PM Resigns, NZD Weakens
The New Zealand Dollar (NZD) has taken a hit in the foreign exchange market following the shock decision by the Prime Minister to resign. The announcement has caused a sense of uncertainty and instability in the country, which has led to a weakening of the NZD against other currencies.
The NZDUSD pair, in particular, has rejected the recent swing highs at 0.6450 and has started to trade downwards. This could potentially see the price dropping down to the lows of 0.6250 in the near future.
The resignation of the Prime Minister has raised concerns about the country’s political stability and economic outlook. The NZD has been known to be sensitive to political developments, and the sudden change in leadership has led to a decline in investor confidence.
Investors and traders are now closely monitoring the situation to see how it unfolds and how it will impact the country’s economy. The next few weeks could be crucial for the NZD, as the market waits for more clarity on the political situation and the country’s economic direction.
In conclusion, the resignation of the Prime Minister has led to a weakening of the NZD, with the NZDUSD pair rejecting recent highs and potentially heading towards the lows of 0.6250. The market will be closely watching for further developments to gauge the impact on the country’s economy and the direction of the NZD in the foreign exchange market.
Have you watched our GBPUSD analysis? You can see it here.
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