FX News

NZD/USD Transfer

The New Zealand Dollar (USD) was hammered late Friday loosing over ¾ of a cent against the US Dollar (USD). US jobs data came in mixed, unemployment ticked up to 4.0% from 3.9% but NFP jobs increased a seasonally adjusted 272,000 in May, well above the 182,000 we had expected. This comes as quite the surprise after recent reports of a weakening economy. Interest rate cuts have been adjusted to 1 cut in November 2024 from the original 6 in 2024 which rallied the greenback. The Fed will keep rates unchanged when they meet Thursday however we are expecting more clues as to the Fed’s long term policy predictions and how this may filter through to currency moves. We think downside momentum for the kiwi may continue this week.

Current Level: 0.6124
Support: 0.6050
Resistance: 0.6240
Last week’s range: 0.6100- 0.6214


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