Wondering why the NZD fell over tonight?
The IMF has come out and said the NZD is between 10 and 25% overvalued. Where were they last year when I kept trying to short it and it didn't work!
That means they view NZDUSD fair between 0.64 and 0.53. It trades tonight at 0.7075 ...
The NZD has been uber-strong against pretty much everything by virtue of its favourable rate and it's Mrs Watanabe's favourite trade. One to watch