New Zealand’s 2-year inflation forecast rose to 3.62% the highest since 1991 from low 3.0’s which weakened the kiwi to 0.9115 (1.0970) against the Australian Dollar (AUD) into Thursday sessions. Adding to this negativity was the news that the Reserve Bank of New Zealand Governor Adrian Orr had been re-appointed for another 5 years under strong criticism who will deliver another 50 points later this month. Some suggested no independent review had been carried out to ascertain his performance prior to another 5 years being signed off. With a recent surge in metal prices i.e., coal and iron ore- expected to improve based on China’s reopening post covid lockdowns we may see the Aussie improve towards year end.
Current Level: 0.9150 (1.0922)
Resistance: 0.9235 (1.1000)
Support: 0.9090 (1.0830)
Last Weeks Range: 0.9047-0.9211 (1.0856-1.1053)