UK PMI came in strong at 53.2 vs 51.2 overnight but Manufacturing PMI weakened to 44.6 against forecasts of 47.3. This as well as a bout of “risk on” has seen the New Zealand Dollar (NZD) soften from 0.4445 (2.2490) at the close of the week to 0.4430 (2.2570) this morning. Key data this week on the economic calendar is UK CPI y/y with expectations of a small drop from 3.0% to 2.9%, the news could push the kiwi lower.
Current Level: 2.2578
Resistance: 2.2750
Support: 2.2365
Last Weeks Range: 2.2267- 2.2630