NZD/USD spikes above 0.7000

Nothing fresh on the news nor data front. There is an underlying bid in the NZD given the RBNZ is biding its time for a rate hike.

I referred to the stampede of rate hikers at the Reserve Bank of New Zealand a little earlier here:

• New Zealand Building Permits for July +2.1% m/m (prior 3.8%)

KiwiBank yesterday noted the same:

• NZD a "flyer" - forecast as high as 0.77 by year-end