Global macro overview for 16/07/2015:
The overnight news for the New Zealand dollar hadn't been good at all as the NZD/USD pair fell to the lowest level in six years after the data release. The consumer price index in New Zealand came out weaker than expected 0.5% q/q (0.3% y/y) at 0.4% q/q (0.3% y/y). However, data were better than the last quarter number of -0.3%q/q (0.1% y/y) mainly due to higher petrol prices, which rose 8.8% in the previous quarter. Nevertheless, it did not stop NZD from falling and now the NZD/USD pair is approaching the important support level at 61%Fibo of the latest range at the level of 0.6400.