NZD under pressure
Today's rally in the kiwi has flopped.
NZD/USD is now down 10 pips to 0.6287 after rising as high as 0.6334 early in European trade.
The jump to the highs of the week looks like a false breakout and that will be confirmed on a fall below 0.6280 and even moreso 0.6263.
The RBNZ meeting is on March 25 and there is increasing talk about a 50 basis point cut. Much could change between then and now regarding the virus so it's a fluid situation.
