Prices Monday in the US Dollar (USD), New Zealand Dollar (NZD) cross extended lower off the 0.6140 area to reach solid support at the 0.6100 level before reversing towards 0.6130 in early Tuesday trading. NZIER (New Zealand Institute of Economic Research) issued its quarterly forecast yesterday highlighting a downgraded view of economic outlook to come over the coming months. Growth ending Mar 2025 has been revised lower to 0.6%. GDP for the first quarter 2024 prints Thursday and is coincidentally expected to come in at 0.1%- we can’t see it. Later in the week is US Manufacturing data. Topside moves for the kiwi could be limited.
Current Level: 0.6135
Support: 0.6100
Resistance: 0.6220
Last week’s range: 0.6098- 0.6220