The New Zealand Dollar (NZD) continued to push into new territory last week against the US Dollar (USD) reaching a new 2024 high of 0.6340 surpassing the previous high around 0.6310 early in the New Year. Record closes in the DOW and S&P certainly have helped the kiwi along with a poor US consumer confidence read. The “big” dollar gave up ground broadly with the index falling below expectations to 98.7, the Fed strangely are still holding firm on non-aggressive easing. Monday prices have extended higher off the close to reach 0.6378 early this morning. Markets are expecting the Fed to cut rates now 75 points by the end of the year with a further 175-200 points cut in 2025. This week’s main release is US Non-farm payroll, we expect employed numbers to drop. Watch for a pullback of sorts this week towards 0.6300 levels.
Current Level: 0.6341
Support: 0.6250
Resistance: 0.6460
Last week’s range: 0.6220- 0.6366