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The NZD has weakened against most major currencies and the Australian Dollar travelled only marginally better. The cross rate has fallen back to 0.9150 and downward pressures will likely continue. The RBA meet this week and are likely to resume interest rate cuts, now the election has been decided.
Current Level: 1.0840
Resistance: 1.1000
Support: 1.0700
Last Weeks Range: 1.0860 – 1.0920
The New Zealand Dollar (NZD) extended gains Monday against the Australian Dollar (AUD) to the 0.9140 (1.0940) level but was unable to stick around dropping back to 0.9110 (1.0980) the weekly opening area. The key psychological level at 0.9100 could come under pressure today when the RBA minutes are read by Governor Lowe, saying recently…
The New Zealand Dollar (NZD) bounced back off Monday’s open at 0.5530 (1.8090) to reach 0.5560 (1.7980) into Tuesday trading. 0.5560 (1.7980) is the 50% fib retracement points of recent high and lows and suggests the kiwi may have been overbought to current levels. We favour a retest of the 0.5540 (1.8050) this week data…
Below are the weekly economic releases for this week (NZT) Monday 24/06 1130am, AUD, RBA Gov Lowe Speaks Wednesday 26/06 All Day, All, OPEC Meetings 2am, USD, CB Consumer Confidence Forecast 132 Previous 134.1 5am, USD, Fed Chair Powell Speaks 2pm, NZD, Official Cash Rate Forecast 1.50% Previous 1.50% 2pm, NZD, RBNZ Rate Statement 915pm,…
The Euro (EUR) dropped to 1.4280 (0.7000) late Friday against the Australian Dollar (AUD) surpassing the prior low in April this year of 1.4320 (0.6985) posting a fresh April 2017 low. Miraculously the EUR recovered at the close of the week and has pushed higher to 1.4550 (0.6870) into early Tuesday on risk sentiment. Equity…
The Australian Dollar (AUD) recorded a fresh 5 week low of 0.5195 (1.9250) against the British Pound (GBP) before pulling back to 0.5215 (1.9170) numbers early Friday. UK Composite PMI’s rose to 54.7 from 52.5 the previous month, the fastest pace over the last 2 years however, with a contracting economy- GDP falling from 5.0%…
The European economy is suffering recessionary economic conditions and a good indication of the future will be the measures of CPI/inflation and GDP/growth, in the coming week. Recent spikes in inflation, if confirmed by CPI data this coming week, will encourage the ECB to hold rates and extend the tight monetary conditions. Negative growth will…