The latest round of Australian data of late has impressed markets and improved the Aussie of recent lows. Unemployment data showed a rise in new people entering the workforce and a dip to the unemployment rate now 3.5% vs 3.6% predicted. The upbeat release sent the Aussie higher to 1.0800 (0.9260) and extended these gains into Monday to 1.0850 (0.9215). NZ Manufacturing data wasn’t so pretty with the sector struggling with a decline in production in March putting the kiwi under pressure. Down from February’s number and well below the long-term average of 53.0 . To put this into perspective this is the lowest read since NZ was put into lockdown in August 2021. NZ quarterly CPI releases Thursday and is predicted to remain stubbornly high around 7.2%.
Current Level: 0.9230 (1.0824)
Resistance: 0.9275 (1.0870)
Support: 0.9200 (1.0780)
Last Weeks Range: 0.9250-0.9430 (1.0604-1.0810)