The NZD hit lows for the year of 0.5880 towards the end of July, but dovish Central Banks in Europe and the US changed the differential narrative, allowing the NZD to begin to recover into August. The RBNZ surprised many in August, with a rate cut, and this sent the NZD tumbling lower mid-August. The ECB and Bank of England have led the way, with rate cuts, and the Federal Reserve has announced they will also join the party, in a welcomed speech from Fed Chairman Powell at the Jackson Hole Symposium. It has been gaining ever since, as market sentiment surges and equity markets approach record levels, once again.
Current Level: 0.6220
Support: 0.6200
Resistance: 0.6300
Last week’s range: 0.6125- 0.6225