The New Zealand Dollar (NZD) continues to slide in the wake of the recent recession news. The British Pound (GBP) has looked solid of late gaining on the kiwi to 0.4835 (2.0680) into Tuesday. The GBP boosted recently from the hawkish Bank of England (BoE) rate hike expectations and employment data. The backing off of US equities has also influenced the NZD with risk sentiment not as positive as we saw last week. The 0.4820 (2.0740) low from April 2020 is looking close with predictions it could test this in the coming days. The Bank of England official cash rate releases Thursday with a hike to 4.75% looking likely.
Current Level: 0.5675 (1.7621)
Resistance: 0.4915 (2.0740)
Support: 0.4821 (2.0340)
Last Weeks Range: 0.4845-0.4915 (2.0342-2.0639)