Monday prices in the New Zealand Dollar (NZD), Australian Dollar (AUD) extended off the weekly open at 0.9140 (1.0940) to reach 0.9115 (1.0970) early Tuesday. RBA monetary minutes from the meeting 18 June should confirm rhetoric of the RBA to hike 25 points at their August meeting due to ongoing inflationary pressures. The catalyst for the AUD being a top performing currency of late. The govt recently announced “cost of living” policies were inflationary, many debating if tax cuts and energy savings have been a good idea. Australian Retail Sales prints tomorrow and is expected to come in hot which won’t help the RBA situation. Its tough to see the kiwi pushing back in the near/medium term with predictions we could see a retest of the early May low at 0.9065 (1.1030)
Current Level: 0.9104
Resistance: 0.9130
Support: 0.9065
Last Weeks Range: 0.9122-0.9232