NZD/USD Transfer

Prices Monday in the US Dollar (USD), New Zealand Dollar (NZD) cross extended lower off the 0.6140 area to reach solid support at the 0.6100 level before reversing towards 0.6130 in early Tuesday trading. NZIER (New Zealand Institute of Economic Research) issued its quarterly forecast yesterday highlighting a downgraded view of economic outlook to come over the coming months. Growth ending Mar 2025 has been revised lower to 0.6%. GDP for the first quarter 2024 prints Thursday and is coincidentally expected to come in at 0.1%- we can’t see it. Later in the week is US Manufacturing data. Topside moves for the kiwi could be limited.

Current Level: 0.6135
Support: 0.6100
Resistance: 0.6220
Last week’s range: 0.6098- 0.6220

 

AUD/USD Transfer

A range bound Australian Dollar (AUD) continues to bounce around levels at 0.6650, a game of two halves this week, improving to 0.6700 but unable to hold dropping back to 0.6630 Friday. Positive risk flow followed by a less than impressive US CPI read sent the Aussie higher as the fed tapered back cuts from 6 this year to 1 indicating the central bank was in no hurry to lower rates. The bank retaining its cash rate at 5.50% widely expected. Stiff support sits at 0.6600 on the chart with bullish continuation expected to continue from the low around 0.6400 mid-April.

The current interbank midrate is: AUDUSD 0.6622

The interbank range this week has been: AUDUSD 0.6573- 0.6703

 

AUD/GBP Transfer

Early weeks pull back by the Australian Dollar (AUD) from 0.5170 (1.9340) to 0.5220 (1.9150) against the British Pound (GBP) continued into Thursday with improved risk trading and soft UK manufacturing data. The Pound has since recovered Friday to 0.5200 (1.9220) after the Federal Reserve leaned a little more hawkish. Aussie jobs data came in hot with nearly 40,000 people entering the workforce in May. Unemployment dipped to 4.0% as markets were expecting with any hope of the RBA cutting rates this year gone on these solid numbers. Next week’s docket sees RBA and BoE rate announcements.

The current interbank midrate is: AUDGBP 0.5193 GBPAUD 1.9256

The interbank range this week has been: AUDGBP 0.5170- 0.5223 GBPAUD 1.9146- 1.9342

 

 

 

NZD/GBP Transfer

The New Zealand Dollar (NZD) came roaring back this week against the British Pound (GBP) from 0.4795 (2.0860) to reach 0.4850 (2.0630) regaining last week’s momentum as risk flow improved. UK labour market data came in mixed with unemployment rising to 4.4% from 4.3% the highest number since Oct 2021 while the number of paid payroll numbers declined 3,000 after 36,000 fell in April. We have a busy week of economic data next week with UK CPI y/y, Bank of England Cash Rate and NZ GDP to digest. Resistance on the chart in the pair is 0.4855 (2.0600) the 28 Feb high- a break past here would suggest further upside for the kiwi.

The current interbank midrate is: NZDGBP 0.4821 GBPNZD 2.0742

The interbank range this week has been: NZDGBP 0.4794- 0.4846 GBPNZD 2.0632- 2.0858

NZD/USD Transfer

Risk on flow this week overall has supported the New Zealand Dollar (NZD) rising across the board, to 0.6220 against the US Dollar (USD). US CPI came in soft at 3.3% compared to 3.4% predicted before the Federal Reserve meeting. The Fed kept held their benchmark interest rate at 5.50% as widely expected with the central bank now only pencilling in 1 cut this year. 15 of 19 Fed officials expect the Fed to cut just once this year compared to 6 cuts forecast in early May. Friday action has seen prices fall back to around 0.6165 stalling out on hawkish fed speak over the past day. Next week’s NZ GDP for the first quarter of 2024 should reflect a negative number as the NZ economy struggles in a recession.

The current interbank midrate is: NZDUSD 0.6147

The interbank range this week has been: NZDUSD 0.6098- 0.6221

 

 

NZD/AUD Transfer

The New Zealand Dollar (NZD), Australian Dollar (AUD) still sits in the bull trend channel this week at 0.9295 (1.0760) currently, from the low at 0.9065 (1.1030) set early May. The NZD still well supported on dips in the run up to 0.9320 however with Aussie job numbers printing better than expected we have seen more buying of the AUD over the past day or so. Any chance we had of the RBA cutting rates this year is now a pipe dream with the unemployment dipping slightly from 4.1% to 4.0% in May the Australian economy showing reliance. Next week’s RBA cash rate will remain at 4.35%- a non-event. Technically we pick the cross to retest the fib area at 0.9260 (1.0800) early next week.

The current interbank midrate is: NZDAUD 0.9280 AUDNZD 1.0771

The interbank range this week has been: NZDAUD 0.9266- 0.9318 AUDNZD 1.0731- 1.0796

 

 

EURO/AUD Transfer

The Australian Dollar (AUD) was sold down to 0.6100 (1.6400) Friday a 5-week low post US (NFP) Non-Farm Payroll releasing before recovering in Monday markets to 0.6150 (1.6260) against the Euro. Weekend European election results sank the Euro, the French President Macron calling a snap election after being defeated by the far right. On the economic docket this week in the pair is Aussie jobs numbers Thursday expected to weaken the AUD.

Current Level: 1.6315
Resistance: 1.6600
Support: 1.6210
Last Weeks Range: 1.6252- 1.6419

AUD/EURO Transfer

The Australian Dollar (AUD) was sold down to 0.6100 (1.6400) Friday a 5-week low post US (NFP) Non-Farm Payroll releasing before recovering in Monday markets to 0.6150 (1.6260) against the Euro. Weekend European election results sank the Euro, the French President Macron calling a snap election after being defeated by the far right. On the economic docket this week in the pair is Aussie jobs numbers Thursday expected to weaken the AUD.

Current Level: 0.6129
Resistance: 0.6170
Support: 0.6020
Last Weeks Range: 0.6090- 0.6153

GBP/AUD Transfer

The Australian Dollar (AUD) got hammered Friday dropping to 0.5170 (1.9340) at the weekly close against the British Pound (GBP) off the back of Fed job’s numbers and ‘big” dollar remand. The bear run remains our focus technically from the mid-May high at 0.5285 (1.8920), we see the GBP well supported on dips and should remain in control for a while. On the docket this week is Aussie employment data with numbers expected to come in light.

Current Level: 1.9297
Resistance: 1.9400
Support: 1.9130
Last Weeks Range: 1.9091- 1.9328

AUD/GBP Transfer

The Australian Dollar (AUD) got hammered Friday dropping to 0.5170 (1.9340) at the weekly close against the British Pound (GBP) off the back of Fed job’s numbers and ‘big” dollar remand. The bear run remains our focus technically from the mid-May high at 0.5285 (1.8920), we see the GBP well supported on dips and should remain in control for a while. On the docket this week is Aussie employment data with numbers expected to come in light.

Current Level: 0.5182
Support: 0.5155
Resistance: 0.5230
Last week’s range: 0.5173- 0.5238