FX News

NZD/USD Transfer:

The New Zealand Dollar reached a brand-new high Monday of 0.6440 against the US Dollar (USD) the highest level since mid-August as it continues its momentum higher from early October lows around 0.5500. US manufacturing prices have eased considerably over the past few months leading to indications of further recession pressures with the greenback sliding. Third quarter labour productivity came in lower at 5.3% y/y instead of prior forecast at 6.1% lowering bond yields. Looking ahead we have US consumer sentiment and University of Michigan inflation expectations, a closely watched market health indicator. With the cash rate at 4.25% offering investors a good return,  we expect the kiwi to track higher through into 2023.

Current Level: 0.6352
Resistance: 0.6550
Support: 0.6200
Last Weeks Range: 0.6151-0.6409

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