Agreed re flight to safety, but NZ is a net importer so the balance of payments each month is against you.
The NZD seems to have stabilized and has finally broken back above 0.59 as I write.
But the chart still doesn't look great.
It's far more likely that it will be a USD move than an NZD move that breaks the trend.
It's quite a good move here against the dollar so it will be interesting to see if it is a turning point.
If the dollar does turn it does make me wonder where oil might end up.
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