The New Zealand Dollar (NZD) fell back Monday from levels around 0.6130 against the US Dollar (USD) to head into Tuesday trading around 0.6100. Risk markets are still well supported in the wash up of the recent US data releases. The RBNZ is the only central bank scheduled this week and will most likely leave their cash rate on hold at 5.5% as inflation is not coming down as fast as desired. We think however the RBNZ will bring forward their easing of rates in a dovish read, the NZ economy is not doing as well as some of the data shows. We expect resistance at the 0.6200 level will hold with the kiwi to slip.
Current Level: 0.6104
Support: 0.6050
Resistance: 0.6200
Last week’s range: 0.5992- 0.6140