The New Zealand Dollar (NZD) continues to push into new territory this week against the US Dollar (USD) reaching a new 2024 high of 0.6340 surpassing the previous high around 0.6310 early in the New Year. Record closes in the DOW and S&P certainly have helped the kiwi along with a poor US consumer confidence read overnight. The “big” dollar gave up ground broadly overnight with the index falling below expectations to 98.7, the Fed strangely are still holding firm on non-aggressive easing. Markets are expecting the Fed to cut rates now 75 points by the end of the year with a further 175-200 points cut in 2025. We have US home sales data publishing towards the end of the week. A pullback in the NZD below 0.6300 is expected. Buying USD- “fill ya boots”
Current Level: 0.6348
Support: 0.6250
Resistance: 0.6500
Last week’s range: 0.6151- 0.6266