The NZD has continued to recover from the lows post-RBNZ rate cuts. Last week the KIWI approached 0.6300, supported by stronger than expected local economic data, including a robust Business Confidence number. This coming week will be dominated by US labour market reports, culminating in the Friday’s Non-Farm Payroll number. The weaker US labour market will only encourage the Fed to begin rate cuts, weakening the reserve. The NZD has slipped back towards 0.6200.
Current Level: 0.6220
Support: 0.6100
Resistance: 0.6300
Last week’s range: 0.6190- 0.6290