It was a quiet Monday in markets, the US Dollar (USD) dropping in value as profit taking took place. The New Zealand Dollar (NZD) pushing higher off 0.5835 gapping to 0.5870 before settling around 0.5850. Late Friday we saw a fresh 2024 low of 0.5815. On the calendar we expect the RBNZ to cut the interest rate from 4.75% to either 4.25% or 4.00%. We are in the minority camp suggesting a cut of 75 points is needed with unemployment rising and businesses continuing to struggle. Those looking at buying USD on a spike should consider in this bear market.
Current Level: 0.5844
Support: 0.5770
Resistance: 0.6000
Last week’s range: 0.5816 – 0.5920