Profit taking of US Dollar (USD) long positions has pushed up the New Zealand Dollar (NZD) slightly off Monday’s open to 0.5920 as the week gets underway. The kiwi has been stable over the last week and a bit as equity markets assist. The Federal Central Bank is expected to leave interest rates on hold at 5.50% this week with eyes on the Fed’s “dot plot” forecasting which may or not confirm another hike by year’s end. If we see projections for rate cuts in 2024 this may reverse some of the September gains the USD has made, remember the greenback has been the strongest currency since early August. For now, the big dollar is still in charge, but things could change in a wink.
Current Level: 0.5916
Last Weeks Range: 0.5878 – 0.5942