Better than forecasted French PMI data and disappointing German Services data has resulted in mixed results for March. The Euro (EUR), Australian Dollar (AUD) cross pushing slightly higher to 0.5565 (1.7970) on the news. Australian inflation data Wednesday should remain unchanged at 2.5% y/y matching the Dec 2024 print, the RBA however will be cautious of upside inflation risks.
Current Level: 1.7193
Resistance: 1.7420
Support: 1.7080
Last Weeks Range: 1.7084- 1.7267
Better than forecasted French PMI data and disappointing German Services data has resulted in mixed results for March. The Euro (EUR), Australian Dollar (AUD) cross pushing slightly higher to 0.5565 (1.7970) on the news. Australian inflation data Wednesday should remain unchanged at 2.5% y/y matching the Dec 2024 print, the RBA however will be cautious of upside inflation risks.
Current Level: 0.5816
Resistance: 0.5855
Support: 0.5740
Last Weeks Range: 0.5791- 0.5853
The British Pound (GBP), Australian Dollar (AUD) has consolidated around the yearly lows of 0.4865 (2.0560) after coming from 0.4920 (2.0330) last week with the Aussie underperforming. UK PMI released mixed with Manufacturing output weakening to 44.6 from 46.9 while Services PMI numbers improved. This suggests the economy may be gathering pace after a period of stagnation. This week’s Aussie and UK CPI y/y releases should give us plenty of shifts on the charts with both expected to come in slightly below January figures. A move through 0.4850 (2.0630) the yearly low could spell further downside for the AUD.
Current Level: 2.0563
Resistance: 2.0630
Support: 2.0300
Last Weeks Range: 2.0323 – 2.0649
Mixed results overnight in French and German PMI reads has seen no real shift in the Euro (EUR), New Zealand Dollar (NZD) cross with prices hovering around 0.5300 (1.8870) since the weekly open. Fib levels on the chart suggest we could see moves towards last week high retesting the 0.5350 (1.8700) zone.
Current Level: 1.8871
Resistance: 1.8930
Support: 1.8730
Last Weeks Range: 1.8711 – 1.8937
Mixed results overnight in French and German PMI reads has seen no real shift in the Euro (EUR), New Zealand Dollar (NZD) cross with prices hovering around 0.5300 (1.8870) since the weekly open. Fib levels on the chart suggest we could see moves towards last week high retesting the 0.5350 (1.8700) zone.
Current Level: 0.5299
Support: 0.5285
Resistance: 0.5340
Last week’s range: 0.5280- 0.5344
UK PMI came in strong at 53.2 vs 51.2 overnight but Manufacturing PMI weakened to 44.6 against forecasts of 47.3. This as well as a bout of “risk on” has seen the New Zealand Dollar (NZD) soften from 0.4445 (2.2490) at the close of the week to 0.4430 (2.2570) this morning. Key data this week on the economic calendar is UK CPI y/y with expectations of a small drop from 3.0% to 2.9%, the news could push the kiwi lower.
Current Level: 2.2578
Resistance: 2.2750
Support: 2.2365
Last Weeks Range: 2.2267- 2.2630
UK PMI came in strong at 53.2 vs 51.2 overnight but Manufacturing PMI weakened to 44.6 against forecasts of 47.3. This as well as a bout of “risk on” has seen the New Zealand Dollar (NZD) soften from 0.4445 (2.2490) at the close of the week to 0.4430 (2.2570) this morning. Key data this week on the economic calendar is UK CPI y/y with expectations of a small drop from 3.0% to 2.9%, the news could push the kiwi lower.
Current Level: 0.4429
Resistance: 0.4470
Support: 0.4395
Last Weeks Range: 0.4418- 0.4490
The New Zealand Dollar (NZD) has rebounded lower off the 0.9160 (1.0920) high Monday to reach 0.9105 (1.0980) into Tuesday, after 3 weeks of gains the kiwi bull run could be over for the moment. We expect the AUD to continue its recovery this week with the Aussie better supported with optimism over tariff policy which supports Chinese manufacturers and trade. We think a retest of the 0.9050 (1.1050) area is on the cards. Those buying AUD should consider before a possible drop below 0.9000.
Current Level: 1.0971
Resistance: 1.1100
Support: 1.0920
Last Weeks Range: 1.0909 – 1.1009
The New Zealand Dollar (NZD) has rebounded lower off the 0.9160 (1.0920) high Monday to reach 0.9105 (1.0980) into Tuesday, after 3 weeks of gains the kiwi bull run could be over for the moment. We expect the AUD to continue its recovery this week with the Aussie better supported with optimism over tariff policy which supports Chinese manufacturers and trade. We think a retest of the 0.9050 (1.1050) area is on the cards. Those buying AUD should consider before a possible drop below 0.9000.
Current Level: 0.9107
Resistance: 0.9160
Support: 0.9020
Last Weeks Range: 0.9083 – 0.9166
The New Zealand Dollar (NZD) started the week on the back foot extending declines lower from 0.5830’s last week’s high against the US Dollar (USD) to trade around 0.5715 levels into Tuesday. Pressure for the kiwi remains to the downside after the stall at 0.5830 with global tension and trade tariff threats. The Fed’s Bostic signalled he only sees one cut in 2025 saying he doesn’t expect inflation to be under 2.0% until well into 2027 with businesses expected to pass on tariff expense to consumers. Big picture geopolitics should dominate how the cross trades this week. Strong support stands at 0.5680.
Current Level: 0.5724
Support: 0.5680
Resistance: 0.5830
Last week’s range: 0.5721 – 0.5830