Inflation data will be key this week to determining the next move by the New Zealand Dollar (NZD), US Dollar (USD). With the kiwi travelling close to long term lows recently around the 0.6030 zone it’s an important week, will the NZD finally fall below pivotal 0.6000 or maintain enough buyer support and rally back to levels around 0.6400 seen a couple of weeks back. Certainly, NZ inflation expectations for the 3rd quarter could determine if we see a last-ditch hike by the RBNZ to bring down inflation. US CPI y/y is predicted to rise to 3.3% from 3.0%, the first time since June 2022, which may decide if the US economy falls into recession.
Current Level: 0.6105
Resistance: 0.6390
Support: 0.6065
Last Weeks Range: 0.6058 – 0.6224