The New Zealand Dollar (NZD) has found itself perilously close to the multi-year low of 0.4880 (2.0500) as we head into the week. Spanked last week by news that the RBNZ may have finished their tightening policy the news took the kiwi from 0.5040 (1.9850) to 0.4900 (2.0400) where it has managed to consolidate. Risk sentiment improved off the open as news that the US President had negotiated a new debt ceiling, the NZD making small gains into Tuesday as the greenback was sold. With the Bank of England setting up to hike rates again 25 points in June, August, and September we expect the Pound to continue to strengthen.
Current Level: 0.4895 (2.0429)
Resistance: 0.5060 (2.0520)
Support: 0.4875 (1.9770)
Last Weeks Range: 0.4894-0.5064 (1.9746-2.0431)