SEE MORE: New Zealand ETF Keeps Surging

RBNZ is implementing a dovish monetary policy on par with its Australian counterpart, the Reserve Bank of Australia (RBA).

Looking ahead, most economists anticipate a second cut before the end of the year, with the June quarter inflation figure, which comes out in August, providing further guidance on the RBA’s path. Investors looking to take advantage of Aussie weakness can consider the double-leveraged ProShares UltraShort Australian Dollar (NYSEArca: CROC).

“Country ETFs might be overbought with 25 of 30 trading above their 50 day moving averages. ENZL is also trading above its 50 day moving average. What makes ENZL unique is that it is so obscure it’s not even on that list of 30 country ETFs. The average daily trading volume for ENZL is just 75,260 over the past three months, more than double what it was in March,” according to Investopedia.

For more information on New Zealand ETFs, visit our New Zealand category.

iShares MSCI New Zealand Capped ETF