Recent NZD momentum has dulled, and the New Zealand Dollar (NZD) is back trading in a risk off tone against the US Dollar (USD). Last week’s 0.6200 top has been replaced by downside bias to 0.6100 as markets go back to risk off and the buzz around softer US inflation data fades. With the world cup kicking off and the US Thanksgiving holiday in effect until the end of the week conditions should be a little thin with increased volatility. Looking ahead we have the RBNZ rate announcement and statement with predictions the central bank will hike a further 0.75% to 4.25%. The Fed’s Mester has been on the wires saying the Fed is nowhere near finished with hiking rates to achieve their magical 2.0% inflation target but may be in a position to slow down increases at the December meeting. Technically the uptrend remains in the cross.
Current Level: 0.6095
Last Weeks Range: 0.6051-0.6205