It’s been far to “risky” a week with all that’s been going on for the New Zealand Dollar (NZD) to gain any real momentum. The kiwi slipping lower from 2.1590 to 2.1770 amid US election action over the past day or so against the British Pound (GBP). NZ unemployment ticked up from 4.6% to 4.8% in the second quarter but lower than forecast of 5.00%, annual wage inflation slowing for the 6th straight month. Unemployment is expected to continue rising giving support to much further interest rate cuts by the RBNZ. Attention now lies with Friday mornings Bank of England (BoE) cash rate with a 25-point cut to 4.75% predicted.
Current Level: 2.1677
Resistance: 2.1900
Support: 2.1560
Last Weeks Range: 2.1516- 2.1843