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Mixed results overnight in French and German PMI reads has seen no real shift in the Euro (EUR), New Zealand Dollar (NZD) cross with prices hovering around 0.5300 (1.8870) since the weekly open. Fib levels on the chart suggest we could see moves towards last week high retesting the 0.5350 (1.8700) zone.
Current Level: 1.8871
Resistance: 1.8930
Support: 1.8730
Last Weeks Range: 1.8711 – 1.8937
RBA later today will be about the tone and not the release with the cash rate widely expected to remain unchanged at 4.10% for now. The New Zealand Dollar (NZD) recovered losses late in the week to 0.9225 (1.0840) but hasn’t been able to hold here falling away into Tuesday to 0.9190 (1.0880) as markets…
Australia Seasonally adjusted construction figures disappointed Wednesday after numbers showed a declining sector. The total construction for September fall 2.8% for the quarter based on predictions of 0.9% growth. With Melbourne and Sydney house prices dropping recently this follows a trend which could follow through well into 2019. Comments from last week’s RBA minutes concentrated…
Scott Morrison has been defeated in the local Australian elections held over the weekend conceding to the Labour party and new Prime Minister Anthony Albanese. The centre left Labour party won 72 of the 76 seats needed for a parliamentary majority. This ends 9 years of leadership by the centre right Liberal party. The Australian…
The New Zealand Dollar (NZD) looked good Monday rising to 0.5870 against the US Dollar (USD) but stalled around this area as markets turned “risk off” and the kiwi was sold. Global uncertainties in Gaza are attributing to broad buying of USD, the kiwi easing lower into Friday clocking 0.5775 a 1 year low in…
New Zealand’s 2-year inflation forecast rose to 3.62% the highest since 1991 from low 3.0’s which weakened the kiwi to 0.9115 (1.0970) against the Australian Dollar (AUD) into Thursday sessions. Adding to this negativity was the news that the Reserve Bank of New Zealand Governor Adrian Orr had been re-appointed for another 5 years under…
The Bank of England remains firmly committed to stamping out inflation, which is the highest in all major Western economies. This has ensured that upward pressure on interest rates supports the GBP. The reserve currency is receiving support from US economic data, so that will balance British currency volatility. Current Level: 0.5200 (1.9230) Resistance: 0.5290…