Market pricing has shifted to a September-December start to the easing cycle. The New Zealand dollar should consolidate further.

Yield demand for the New Zealand dollar appears to remain unquenched.

It is difficult to see the New Zealand dollar stage any kind of sustainable rally. Data is likely to portray softer growth than the Reserve Bank's projections.

A launching pad was established for the New Zealand dollar to rally. Offshore and local buyers were looking for something with a five in front.

For every dollar abated, the tax is shifted to someone else.

The dollar will trade with a downward bias. The market is pricing in an ECB rate hike Thursday and strong GDP report Friday.