The New Zealand Dollar (NZD) has dropped to a yearly low of 0.4713 (2.1215) this morning against the English Pound (GBP) breaking through late March daily support at 0.4730 (2.1130). Today’s NZ employment data has shown a further softening to the job’s market in the first quarter of 2024 with the unemployment rate rising to 4.3% from 4.0%, this in line with the RBNZ’s forecast and shouldn’t offer much divergence from forward thinking monetary policy. The cross could be a tad oversold and could reverse somewhat higher over the day.
Current Level: 0.4709
Resistance: 0.4795
Support: 0.4650
Last Weeks Range: 0.4749- 0.4799