The survey of New Zealand Inflation expectations 1 year out dropped from 2.40% to 2.05% and the 2-year prediction increased from 2.03% to 2.12%. The report also showed the RBNZ OCR forecast until Dec 2024 is 4.25% and out to September 2025 – 3.25%. Markets seem to be on the fence with either a 50-point cut, or a 75-point cut at the Nov 27 meeting. The New Zealand Dollar (NZD) remains steady Monday against the US Dollar (USD) around the 0.5960 level having bounced off 0.5975 earlier. US CPI y/y is expected to print higher for October to 2.6% up from 2.4% and could push the kiwi lower into the close of the week.
Current Level: 0.5968
Support: 0.5930
Resistance: 0.6030
Last week’s range: 0.5910 – 0.6037