The New Zealand Dollar (NZD) clocked a fresh 8-week high Monday reaching 0.9330 (1.0720) against the Australian Dollar (AUD) before giving back gains to 0.9275 (1.0780). The kiwi has been held up mostly by last week’s hawkish RBNZ policy hold. The RBA pause at 4.10% will likely extend into coming months as inflation risks are likely to be positive. All eyes will be on NZ CPI data Wednesday with a predicted drop to the headline inflation figure possibly to 5.2% from 6.7%.We may see the NZD weaken off towards the week’s end.
Current Level: 0.9285 (1.0762)
Resistance: 0.9460 (1.1050)
Support: 0.9050 (1.0570)
Last Weeks Range: 0.9234-0.9324 (1.0725-1.0829)