The risk correlated New Zealand Dollar (NZD) continues to be knocked around against the US Dollar (USD) as geopolitical tensions increase in the Ukraine/Russian war. The kiwi rose to 0.6920 late Monday tracking more than a cent higher off late Friday levels after a flurry of buying. What goes up must come down, the pair retracing towards 0.6820 as risk sentiment soured and commodities came off high’s and European leaders warned against banning energy imports from Russia. Risk flows should continue to weigh on NZD rallies over the week although with NZD economy inflation rises caused by supply chain problems could cause the RBNZ to continue with hikes at a rapid rate. The April 13 meeting is expected to report a 0.50% rise to 1.5% and could underpin the mighty kiwi for a while. One thing is for sure- it’s chaotic out there.
Current Level: 0.6837
Resistance: 0.6925
Support: 0.6700
Last Weeks Range: 0.6697-0.6870