US Non-farm Payroll Friday came in above expectations with 263k new jobs being added to the workforce more than the 248k predicted. The Unemployment Rate unexpectedly dipped from 3.7% to 3.5% pushing up the US Dollar (USD) across the board, the New Zealand Dollar (NZD) retreating to 0.5600 leading into the close. Monday’s action has seen more investors exit the kiwi as equity indices closed lower post the US Holiday. The NZD posting a fresh low of 0.5545 early this morning a March “covid” 2020 level. Buyers of USD are getting nervous with the cross edging closer to 0.5466 the extreme “covid” low. Past here and we are thin air all the way to the “GFC” lows of 2008/2009 levels below 0.5000. Fresh Missile attacks on Ukraine cities have only added to the USD safe zone plea. As US interest rates continue to rise this should continue to undermine the NZD for a while.
Current Level: 0.5572
Last Weeks Range: 0.5593-0.5811