The New Zealand Dollar (NZD) has been the worst performing main board currency over the past week evident in the NZD/GBP cross with the British Pound (GBP) improving off 2.1200 (0.4715) Monday to reach 2.1490 (0.4655) earlier today. NZ CPI for the second quarter ending June came in at 0.4% compared to 0.6% expected. Year on year dropped to 3.3% from 4.0%, all but confirming two rate cuts in 2024 by the RBNZ. We expect the NZD to remain under pressure into the weekly close.
Current Level: 0.4683
Resistance: 0.4855
Support: 0.4635
Last Weeks Range: 0.4708- 0.4806