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

AUD/USD Transfer

Fridays stronger than forecast US jobs data has put pressure on the Australian Dollar (AUD) falling from 0.6670 levels back to 0.6580 to close the week. Non-Farm Payroll (NFP) numbers came in way above the 182,000 predicted at 272,000 causing markets to buy the US Dollar (USD) as expectations of reductions to interest rate cuts were extended out. We may only see 1 cut in November compared to earlier forecasts of 6 in 2024, we will get a better look at this Thursday when the Fed Meet. Also, on the calendar this week is Australian Unemployment data with softer numbers expected. The AUD has kicked on to 0.6600 into Tuesday- not sure it has much more topside momentum.

Current Level: 0.6597
Support: 0.6530
Resistance: 0.6700
Last week’s range: 0.6577- 0.6698

EURO/NZD Transfer

The Euro (EUR) rallied Friday coming off 0.5695 (1.7560) area to reach 0.5650 (1.7700) against the New Zealand Dollar (NZD). The kiwi contending with an intense session Friday after US job numbers boosted the US Dollar as investors sold “risk”. However, the Euro gave it all back Monday reacting to the weekend European Parliamentary election result. The NZD/EUR is inching closer to the yearly open price at 0.5730 (1.7450), we expect the NZD bull run to continue over June.

Current Level: 1.7574
Resistance: 1.7790
Support: 1.7450
Last Weeks Range: 1.7524 – 1.7698

NZD/EURO Transfer

The Euro (EUR) rallied Friday coming off 0.5695 (1.7560) area to reach 0.5650 (1.7700) against the New Zealand Dollar (NZD). The kiwi contending with an intense session Friday after US job numbers boosted the US Dollar as investors sold “risk”. However, the Euro gave it all back Monday reacting to the weekend European Parliamentary election result. The NZD/EUR is inching closer to the yearly open price at 0.5730 (1.7450), we expect the NZD bull run to continue over June.

Current Level: 0.5690
Support: 0.5620
Resistance: 0.5730
Last week’s range: 0.5650- 0.5706

GBP/NZD Transfer

The New Zealand Dollar (NZD) retreated from the 0.4855 (2.0600) level Friday falling to 0.4800 (2.0845 at the close of the week reversing a large part of a 5 week climb from around 0.4785 (2.0900). Risk currencies all got sold off the back of a surprising upswing in US job’s data. Into Tuesday prices in the pair sit around the weekly open at 0.9285 (1.0770). We await UK GDP tomorrow, the UK economy is predicted to grow 0.0% in April after 0.4% in March suggesting that although the country is out of recession they are running close to the wire. Risk remain to the upside for the kiwi.

Current Level: 2.0785
Resistance: 2.0900
Support: 2.0600
Last Weeks Range: 2.0605- 2.0845