Risk currencies took a hiding Friday off the back of poor US Jobs data, the New Zealand Dollar (NZD) retracing from 0.6250 levels against the US Dollar (USD) to close out the week around 0.6150. Monday action took the kiwi lower to 0.6120 where it sits early in the Tuesday session. Punters are bracing for this week’s US Inflation report for hints that the US Federal Reserve could cut rates 25 or 50 points at next week’s meeting. Last week’s Non-Farm Payroll report showed unemployment fell from 4.3% to 4.2% paring back odds of a 50-point cut perhaps. Pressure remains to the downside for the NZD this week.
Current Level: 0.6134
Support: 0.6100
Resistance: 0.6200
Last week’s range: 0.6154- 0.6253