The 2024 average rate in the NZD/USD cross is 0.6066.
Further declines in the New Zealand Dollar (NZD) this week against the US Dollar (USD) have the cross down around 0.5750 early Wednesday with no real signs of a retrace in sight. After clearing support around 0.5800 the kiwi looks to retest the 2022 low at 0.5500. With the New Zealand economy down for the count and GDP third quarter to likely come in negative tomorrow putting the economy formally back into recession, we see no topside momentum on the radar. To make things worse govt books released show NZ is unlikely to return to a surplus until 2029- this is 1 year later than first calculated.
Current Level: 0.5753
Support: 0.5550
Resistance: 0.58802
Last week’s range: 0.5753 – 0.5887