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The New Zealand Dollar (NZD) has extended last week’s losses to move lower off 0.5290 (1.8900) to 0.5245 (1.9070) this morning against the Euro (EUR). Past 0.5220 (1.9165) and we post a new 2025 low and a levels not seen since covid days back around March 2020. Despite discouraging data Friday with Spanish CPI y/y the EUR has squeezed higher. Lagarde speaks tomorrow.
Current Level: 1.9091
Resistance: 1.9300
Support: 1.8640
Last Weeks Range: 1.8727 – 1.8932
The Australian Dollar (AUD) continues to extend gains against the US Dollar (USD) as it briefly hit the key 0.7000 figure overnight. Reaction to the strong US Employment and wages data from last week has seen some commentators suggest that the Fed may re-think their more aggressive interest rate hike, thus softening the USD a…
Worldwide coronavirus cases surpases 10.785M with over 517,000 deaths officially reported. Safe Haven buying midweek was replaced by optimism with positive news out of the US with a trifecta of economic releases. Manufacturing for June bounced higher than expected from 43.1 to 52.6 as the industry formally entered expansionary territory- given it is back above…
Heavy recessionary economic conditions prevail in the UK and Europe, as high interest rates, blow-out deficit/debt spending and war continues. Inflation has been tumbling lower across Europe as the economic recession spreads across the economic zone. The war in Eastern Europe adds instability and threatens Geo-Political and economic conditions. Close attention will be paid to…
The US Dollar Index has taken a pounding over the past few weeks falling 6% as the Fed continues with their extremely hawkish monetary policy stance. Equity markets rose overnight pushing up risk products, the kiwi reaching a fresh high of 0.6120 against the US Dollar (USD). Price action into Tuesday suggests the market could…
European economies are suffering recessionary economic conditions, as confirmed by the flash PMI data released this week. Final PMI data will probably confirm this, in the coming week, while the market focus will turn to European growth and inflation. EU and member states inflation and GDP growth rates are set to be released, this coming…
Bank of England officials spoke of a drop to UK inflation and the likelihood of just one more hike to come in September during the week devaluing the Pound (GBP) from 0.5065 (1.9750) to 0.5130 (1.9490) into Friday trading. Tuesday’s RBA rate announcement came and went without fanfare, the RBA retaining their 4.10% interest rate….