The NZD underperformed the AUD over the last week, as commodity currencies struggled recessionary pressures and the insipid economic recovery in China. The cross rate lost a ‘Big Figure’, falling from 0.9250, to 0.9150. Economic conditions in NZ remain challenging, in a high interest rate environment. NZ Business Confidence shows signs of improvement, but remains heavily depressed.
Current Level: 0.9184 (1.0888)
Support: 0.9121 (1.0965)
Resistance: 0.9250 (1.0810)