The New Zealand Dollar (NZD) slipped lower off the weekly open recording 0.5800 against the US Dollar (USD) just avoiding the October 2023 low. The greenback then started posting losses as the kiwi recovered into Tuesday all the way back to 0.5880. Markets now await US CPI data out today which is predicted to show headline inflation rising to 2.7% from 2.6%. Earlier US Non-Farm Payroll increased 227,000 in November more than the 214,000 we were expecting improving the big dollar. Support on the chart at 0.5870 has turned to resistance, the kiwi may struggle to climb above this area.
Current Level: 0.5850
Support: 0.5760
Resistance: 0.6000
Last week’s range: 0.5820 – 0.5915