The New Zealand Dollar (NZD) remains “offered” into Monday against the Euro with price just a touch lower on the open at 0.5540 (1.8050). Although risk appetite has improved with equity markets recovering it’s unusual to not have seen a reversal of sorts from the kiwi. New Zealand Inflation expectations for the third quarter releases Wednesday which should give clues as to whether we might see a shift in monetary policy from the RBNZ and hold or consider another hike? We don’t see any shifts outside the long-term bear channel happening this week with price likely to trickle lower.
Current Level: 1.8027
Resistance: 1.8050
Support: 1.7545
Last Weeks Range: 1.7670 – 1.8068