The New Zealand Dollar (NZD) sits around the weekly open at 0.6125 against the US Dollar (USD) after rising from 0.6030 mid last week. The greenback has been broadly under pressure as equity markets post yearly highs turning markets risk on. Slowing NZ economic growth and activity has led to the RBNZ recently adopting a more neutral stance while other central banks are still hawkish. US CPI Wednesday followed by FOMC and interest rate release Thursday together with NZ GDP will hold our attention. The NZ economy is expected to slide into a formal recession with the release of -0.1% growth in the 1st quarter after -0.6% in the fourth with significant factors affecting the economy with poor weather disruptions and rising interest rates. At 0.6150 this represents good buying of USD on the recent move north.
Current Level: 0.6124
Resistance: 0.6000
Support: 0.6260
Last Weeks Range: 0.6028-0.6137