The New Zealand Dollar (NZD) extended its run lower Monday off 0.5540 (1.8060) against the Euro (EUR) reaching 0.5515 (1.8130) this morning, an 11-week low. We have no tier 1 data publishing this week which means global macro themes will continue to dictate moves. On the chart we see support around current levels, any action below 0.5512 (1.8140) may signal further drops in the cross.
Current Level: 1.8122
Resistance: 1.8200
Support: 1.7850
Last Weeks Range: 1.7833 – 1.8071
The New Zealand Dollar (NZD) extended its run lower Monday off 0.5540 (1.8060) against the Euro (EUR) reaching 0.5515 (1.8130) this morning, an 11-week low. We have no tier 1 data publishing this week which means global macro themes will continue to dictate moves. On the chart we see support around current levels, any action below 0.5512 (1.8140) may signal further drops in the cross.
Current Level: 0.5518
Support: 0.5500
Resistance: 0.5600
Last week’s range: 0.5533- 0.5607
The New Zealand Dollar (NZD) has extended declines into Tuesday sessions falling from 0.4615 (2.1680) to 0.4590 (2.1800). The lowest weekly close since Brexit in June 2016 was 0.4565 (2.1900) in the cross, we expect this level to come into play over the short term as we head into next week’s Bank of England (BoE) policy announcement when we expect interest rates to cut from 5.00% to 4.75%.
Current Level: 2.1795
Resistance: 2.190
Support: 2.1500
Last Weeks Range: 2.1378- 2.1694
The New Zealand Dollar (NZD) has extended declines into Tuesday sessions falling from 0.4615 (2.1680) to 0.4590 (2.1800). The lowest weekly close since Brexit in June 2016 was 0.4565 (2.1900) in the cross, we expect this level to come into play over the short term as we head into next week’s Bank of England (BoE) policy announcement when we expect interest rates to cut from 5.00% to 4.75%.
Current Level: 0.4588
Resistance: 0.4650
Support: 0.4565
Last Weeks Range: 0.4609- 0.4677
The cost of living in Australia is poised today to show a 3-year low when inflation drops from 3.8% to around 2.9%. This would be the lowest since March 2021 and drop into the RBA’s target zone of between 2-3%. However, anyone expecting the RBA to drop their cash rate from 4.35% may still need to wait a while. Disappointment towards China’s latest stimulus measures is also weighing on the AUD this week with prices spiking to 0.9100 (1.0990) early morning. This being said- this upside in the kiwi should not be ignored with the RBNZ expected to cut half a percent later in November.
Current Level: 1.0981
Resistance: 1.1080
Support: 1.0950
Last Weeks Range: 1.1018 – 1.1065
The cost of living in Australia is poised today to show a 3-year low when inflation drops from 3.8% to around 2.9%. This would be the lowest since March 2021 and drop into the RBA’s target zone of between 2-3%. However, anyone expecting the RBA to drop their cash rate from 4.35% may still need to wait a while. Disappointment towards China’s latest stimulus measures is also weighing on the AUD this week with prices spiking to 0.9100 (1.0990) early morning. This being said- this upside in the kiwi should not be ignored with the RBNZ expected to cut half a percent later in November.
Current Level: 0.9104
Resistance: 0.9130
Support: 0.9025
Last Weeks Range: 0.9037 – 0.9076
The New Zealand Dollar (NZD) has continued to slide lower against the US Dollar (USD) starting the week around 0.5980 and dropping lower off the open to post 0.5960 as we head into Tuesday trading. Punters have been buying the big dollar on mass of late with consideration of uncertainty around what could eventuate in next week’s presidential elections. Also, the with the news that the Fed may peg back cuts if this week’s Non-Farm Payroll release comes in hot is also pushing the USD higher. The kiwi has dropped in value for the 5th straight week and now rapidly approaches long term support at 0.5850. With the RBNZ also expected to cut interest rates by 50-75 points at their next meeting in November it’s hard to see much upside in the pipeline. All those buyers of USD should consider anything around current levels.
Current Level: 0.5971
Support: 0.5870
Resistance: 0.6050
Last week’s range: 0.5972- 0.6083
• Markets remain cautious ahead of the US elections mid next week. Polls have Democrat Harris slightly in front.
• Upside movement in the Japanese Yen (JPY) could be limited surrounding the next governments makeup. Also of consideration is the Bank of Japan’s Rate hike plans. Japan’s finance minister is said to be closely watching Yen currency moves as the JPY trades on the backfoot Monday.
• Gradual easing of policy by the Fed holds up the greenback.
• Nasdaq closes at a record high of 18647.
• The German Chamber of Commerce expect the German economy to stagnate in 2025.
• Gold clocks a fresh all-time high of 2,774 an ounce amid US election uncertainty.
• The British Pound (GBP) has been the best performing currency this week with the Australian Dollar (AUD) the worst performer.
Monday October 28th
All Day NZD Bank Holiday
Tuesday October 29th
6:30am CAD BOC Gov Macklem Speaks
Wednesday October 30th
2:00am USD S&P/CS Composite-20 HPI y/y Forecast | 4.90% Previous | 5.90%
3:00am USD CB Consumer Confidence Forecast | 99.5 Previous | 98.7
3:00am USD JOLTS Job Openings Forecast | 7.98M Previous | 8.04M
8:30am CAD BOC Gov Macklem Speaks
1:30pm AUD CPI q/q Forecast | 0.30% Previous | 1.00%
1:30pm AUD CPI y/y Forecast | 2.30% Previous | 2.70%
1:30pm AUD Trimmed Mean CPI q/q Forecast | 0.70% Previous | 0.80%
All Day EUR German Prelim CPI m/m Forecast | 0.20% Previous | 0.00%
9:00pm EUR Spanish Flash CPI y/y Forecast | 1.70% Previous | 1.50% Read more
The RBA has remained ‘STET’ on their monetary policy, although the latest quarterly CPI number (set to be released this coming week), may influence the Central Bank and certainly drive speculation. The AUD has recently slipped below 0.6700, due to US Dollar strength and resurgent US Bond Yields. The RBA reaction to this coming weeks CPI inflation numbers may well determine the future of the AUD/USD.
Current Level: 0.6630
Resistance: 0.6800
Support: 0.6500
Last Weeks Range: 0.6612- 0.6716