NZD/USD Tests 0.5850 Lows as NZ Consumer Confidence Plunges to 2023 Trough

NZD/USD holds near 0.5850-0.5900 lows, testing the 4-hour 200-bar MA at 0.5826 after ANZ-Roy Morgan consumer confidence plunged to 80.3-82.6, its weakest since 2023. The pair surged above 0.5900 in late April on hot Q1 CPI at 3.1% YoY (exp. 2.9%) and US-Iran ceasefire extension hopes, boosting RBNZ hike odds to 60% for May. However, it reversed sharply on stalled talks, Fed's hawkish hold at 3.50%-3.75% with three dissents, rising US yields and oil spikes, plus softening NZ business confidence at -10.6. Downside risks linger below 0.5850 ahead of US CPI and RBNZ decision.