The RBNZ left rates unchanged, as expected by markets, this week gone by. The previous CPI inflation reading from NZ, was softer than expected, and this has led to a more ‘dovish’ approach to monetary policy. The NZD tumbled against all currencies, with the prospect of further weakness, as the Fed continues the ‘higher for longer’ mantra.
Current Level: 0.6162
Support: 0.6100
Resistance: 0.6190
Last week’s range: 0.6055- 0.6120