📉 Kiwi Close to Matching Record Losing Streak: Cable FX Macro
- Rosbel Durán
- Aug 21, 2023
- 1 min read
The NZD/USD spot rate was close to matching is record losing streak of 10 sessions, the last time the kiwi underperformed by this much was in 2020
While the pair is down vs its open price, a gap up from Friday close is leaving the pair near to unchanged vs the prior week close. However, the NZD is still posting 9 consecutive losing sessions
What is interesting is found in the lower chart panel, this is calculating the average return over the last 20-days and points to upper/lower standard deviation bands from its average. Despite the losing streak, not one single day was close to a 2-standard deviation band
Also, back in 2020, the ten-day losing streak saw the pair decline by 13.9%, this is hard to compare to the 3.4% loss seen over the last nine sessions
After breaching the YTD support, NZD/USD could see a test of the October lows, closer to 0.5500
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