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Forex News - NZD/USD jumps to 0.7055 as the US dollar slides across the board US dollar drops across the board after US CPI data. NZD among top performers on Wednesday, supported by RBNZ expectations and risk appetite. The NZD/USD jumped from 0.7000 to 0.7055, reaching the highest level since Friday following the release of US inflation numbers. The pair then pulled back, finding support at 0.7035. The kiwi is consolidating the rebound from the 20-day simple moving average that stands at 0.6980. AUD/NZD is back at the monthly low at 1.0455. US data triggers dollar’s slide The Consumer Price Index grew at an annual rate of 5.4% in July, the same of June (highest in 13 years). The CPI rose 0.5%, in line with market expectations. The greenback dropped sharply across the board after the numbers, amid a rally in US Treasuries. Also higher equity prices contribute to weaken the US dollar. If expectations about a sooner-than-expected taper from the Federal Reserve gain more intensity, the dollar could recover momentum. Still, analysts at Westpac consider the kiwi should be more resilient than most developed currencies to USD strength given New Zealand’s strong fundamental outlook. “Multi-month, the NZD is supported by the NZ economy’s expected strength over the remainder of this year, the RBNZ’s signalled rate hikes, NZ-US yield spreads, and a positive outlook for NZ commodity prices. Our year-end forecast for NZD/USD is 0.74 (which is coincidentally where our estimate of fair value currently is)”, argue Westpac analysts.

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