The US Dollar (USD) strengthened across the board midweek- the New Zealand Dollar (NZD) failing to hold Tuesday’s 0.6000 and drifted back to 0.5880 this morning. Midterm US elections are driving currencies mainly at the moment while we wait for results to come through. It looks like the Republicans will take control of the House of Representatives while the margin for the Senate still remains tight. Equity markets came off around 2% overnight as economic stability waned. Meanwhile we have the upcoming US CPI in focus with predictions this may ease lower from 8.2% y/y in October. Election event risk will drive the cross into the close, tough to know how the kiwi will react.
Current Level: 0.5877
Resistance: 0.6080
Support: 0.5730
Last Weeks Range: 0.5737-0.5939