US Dollar (USD) strength reigned supreme coming off Monday’s open with the index up 0.2% running the New Zealand Dollar (NZD) down to fresh lows at 0.5620. Fed officials have reaffirmed their hawkish tone to keep monetary policy conditions tight, adding fuel to the fire. Interestingly US data of late fails to support such a theme of a slowdown which would soften the Fed’s view. The cross is perilously close to breaking below the early covid March 2020 zone around 0.5600 on the chart. A bunch of Fed officials speak towards the close of the week and we have final US GDP printing Friday. Downside bias remains.
Current Level: 0.5628
Last Weeks Range: 0.5731-0.5999