The New Zealand Dollar (NZD) continues to push back from last week’s 0.4650 (2.1500) against the British Pound (GBP) moving back to 0.4710 (2.1240) after risk markets support the kiwi. UK Retail Sales came in weaker than predicted at 0.5% for the month of July after 0.6% was expected amid a strong “risk on” mood developing. With further cuts form the RBNZ we expect the NZD to struggle towards 0.4740 (2.1100) this week. UK Manufacturing prints Thursday and NZ Retail Sales Friday on the docket.
Current Level: 0.4710
Resistance: 0.4740
Support: 0.4650
Last Weeks Range: 0.4650- 0.4731