The Goldilocks period continues. News of improving economies continues but it is not coming quick enough to force higher interest rates in the major economies. The result is share prices and other risky assets show a slight upward bias. And the NZD/USD does not fall.
There is some monetary tightening occurring. Singapore this week revalued the Singapore dollar after news of strong March quarter growth. And the RBA raised their cash rate again last week. Both factors are providing upward pressure on the NZD/USD.
These forces could see the NZD/USD run up towards the 2010 peak of 74.4c but they do not appear sufficient to drive the NZD out of the recent trading range. The most likely circuit-breaker still appears the prospect of higher US interest rates, and hence a higher USD (and lower NZD/USD). In the meantime, range trading persists.