Bank holiday in the US made for a slow start to the week, the New Zealand Dollar (NZD) taking advantage of thin liquidity pushing up towards 0.6150 this morning. Stiff resistance is seen at 0.6160, if we see a push through this area the kiwi could test the 0.6200 level. Fed rate predictions have been tough to pick with expectations now the Fed will cut 3 times in 2024- this is down from 7 in January. This has all come about based on a less dovish Fed, stronger jobs data and a hotter inflation read last week. NZ Retail Sales releases Friday for the December quarter.
Current Level: 0.6134
Support: 0.6050
Resistance: 0.6170
Last week’s range: 0.6048- 0.6151