The New Zealand Dollar (NZD) fell from its 10-week high of 0.5825 (1.7170) mid last week to close at 0.5640 (1.7730) against the Euro (EUR). US debt ceiling news has been positive Monday after a deal was reached sending the greenback lower and risk currencies higher, the kiwi making small gains into Tuesday to 0.5660 (1.7660). Setbacks in the Euro have been well supported of late with decent data publishing. German prelim CPI releases tomorrow and is predicted to be around 0.2% after contracting -0.3% in the first quarter of 2023. With potentially no further hiking on the radar from the RBNZ we may see the NZD weaken further towards the yearly low at 0.5530 (1.8080)
Current Level: 0.5644 (1.7717)
Resistance: 0.5715 (1.8070)
Support: 0.5535 (1.7500)
Last Weeks Range: 0.5636-0.5826 (1.7163-1.7741)