RBNZ Hike Bets Collapse as NZD/USD Accelerates Toward Critical 0.5580 Support

New Zealand Dollar has emerged as one of the weakest major currencies this week, with NZD/USD breaking to a multi-month low as a combination of global risk aversion, broad-based Dollar strength, and rapidly fading expectations of near-term Reserve Bank of New Zealand tightening weigh heavily on the currency. The selloff has accelerated notably in recent sessions, reflecting a sharp reversal from the narrative that supported Kiwi during April and May.