Like other “risk” assets, the New Zealand dollar lost pips to its safe haven counterparts as optimism over lower interest rates turned into concerns that a high interest rate environment has led to recessionary conditions in the U.S. and other major economies.

The Swiss franc, in particular, found extra support from an anti-USD sentiment from the previous days.

NZD/CHF has fallen to new multi-decade lows near .4950 but has pulled back up to the .5100 psychological handle.

Are we looking at a pullback opportunity in the making?