The New Zealand Dollar (NZD) was re-routed off 0.6120 Friday against the US Dollar (USD) pushing back towards 0.6160 at the weekly close. Monday it extended moves higher reaching 0.6225 as market mood improved. NZ Employment data tomorrow should see a small uptick in the unemployed with 3.6% predicted, the RBNZ will be keeping close watch on the figure as this could hinge towards a further cash rate rise in November. Certainly, if this happens we could see a spike in the NZD. Late in the week we have pivotal US Non-Farm Payroll data risk, hopefully we should get future clues to policy guidance. Downside bias is expected this week.
Current Level: 0.6214
Last Weeks Range: 0.6119-0.6271