NZD/USD to extend its downfall amid recession woes – ANZ

NZD/USD is lower. The greenback is set to continue to find favour amid global recession fears, economists at ANZ Bank report.

Kiwi's collapse looks ominous

“Once again it was global recession fears at work, with the consequent safe-haven demand favouring the USD as oil prices and bond yields both retreated lower.”

“Looking ahead, it is difficult to see FX markets shifting from current USD-centric perspectives ahead of yet more key US data between now and Saturday morning.” 

“Technically, the kiwi's collapse looks ominous; some caution is required.”

“Support 0.5940/0.6100 Resistance 0.6395/0.6575”