We have witnessed a massive Euro (EUR) correction over the past 2 weeks with the currency reversing off 0.6230 (1.6050) to trade back at 0.6100 (1.6400) this morning. Risk flow has been a big catalyst, along with poor Chinese data of late contributing a sizeable portion of the Aussie downturn which could continue. German and French Manufacturing prints tonight and should highlight a weakening sector.
Current Level: 0.6093
Resistance: 0.6135
Support: 0.6070
Last Weeks Range: 0.6141- 0.6230
The Australian Dollar (AUD) has been sold off hard on the weekly open against the British Pound (GBP) extending last week’s declines to reach a fresh 3 month low of 0.5140 (1.9460) this morning. UK Retail Sales came in poor at -1.2% for the month of June after solid growth in May of 2.9% as households become cautious. The data had minimal effect on the cross as markets have been “risk averse” on the fallout of Biden exiting from the presidential race. UK Manufacturing prints later today, expected to come in decent and give the Pound a further boost.
Current Level: 1.9489
Resistance: 1.9400
Support: 1.9350
Last Weeks Range: 1.9121- 1.9358
The New Zealand Dollar (NZD) continues to fall against the Euro (EUR) pushing past long-term support Monday at 0.5520 (1.8120) the kiwi has clocked 0.5500 (1.8215) this morning a fresh 2024 low. The European Union (ECB) left their key interest rate unchanged at 4.25% last week in a dovish decision however the hot German producer prices have helped boost the EUR. We could see further declines in the NZD to chart support at 0.5450 (1.8350) the 2020 covid low.
Current Level: 1.8228
Resistance: 1.8350
Support: 1.8050
Last Weeks Range: 1.7804 – 1.8108
The New Zealand Dollar (NZD) continues to fall against the Euro (EUR) pushing past long-term support Monday at 0.5520 (1.8120) the kiwi has clocked 0.5500 (1.8215) this morning a fresh 2024 low. The European Union (ECB) left their key interest rate unchanged at 4.25% last week in a dovish decision however the hot German producer prices have helped boost the EUR. We could see further declines in the NZD to chart support at 0.5450 (1.8350) the 2020 covid low.
Current Level: 0.5486
Support: 0.5540
Resistance: 0.5450
Last week’s range: 0.5222- 0.5616
The New Zealand Dollar (NZD) is struggling to gain any momentum against the British Pound (GBP) post last week’s NZ CPI release. The kiwi has clocked further losses reaching 0.4625 (2.1620) in early Tuesday clearing the support and level at 0.4630 (2.1590) – the low from May 2016. This date signifying the massive shift in the cross-post Brexit voting. No data this week in the pair should indicate any moves will be based on big picture themes.
Current Level: 2.1640
Resistance: 2.2000
Support: 2.1212
Last Weeks Range: 2.1197- 2.1491
The New Zealand Dollar (NZD) is struggling to gain any momentum against the British Pound (GBP) post last week’s NZ CPI release. The kiwi has clocked further losses reaching 0.4625 (2.1620) in early Tuesday clearing the support and level at 0.4630 (2.1590) – the low from May 2016. This date signifying the massive shift in the cross-post Brexit voting. No data this week in the pair should indicate any moves will be based on big picture themes.
Current Level: 0.4621
Resistance: 0.4715
Support: 0.4545
Last Weeks Range: 0.4653- 0.4717
For about a week now the Australian Dollar (AUD), New Zealand Dollar (NZD) cross has been pivoting around the 0.9000 (1.1100) zone in the wake of Mixed Aussie jobs data and falling NZ CPI. As we mentioned it’s becoming tough to get a read on the NZD/AUD and directions from here, certainly with the RBA considering hikes on August 6th we may see the cross trend much lower into the 89’s with pressure remaining to the downside. We see no tier one date on the economic docket this week suggesting we could see more of the same.
Current Level: 1.1101
Resistance: 1.1150
Support: 1.1030
Last Weeks Range: 1.1053 – 1.1151
For about a week now the Australian Dollar (AUD), New Zealand Dollar (NZD) cross has been pivoting around the 0.9000 (1.1100) zone in the wake of Mixed Aussie jobs data and falling NZ CPI. As we mentioned it’s becoming tough to get a read on the NZD/AUD and directions from here, certainly with the RBA considering hikes on August 6th we may see the cross trend much lower into the 89’s with pressure remaining to the downside. We see no tier one date on the economic docket this week suggesting we could see more of the same.
Current Level: 0.8999
Resistance: 0.9065
Support: 0.8970
Last Weeks Range: 0.8967 – 0.9047
The New Zealand Dollar (NZD) extended declines Monday against the US Dollar (USD) falling to 0.5970 as the fallout from Biden’s presidential race exit hits risk. Equities ticked higher surprisingly bouncing back from a series of losses, the kiwi not going along for the ride on this occasion. It’s a slow week of data for the cross with only US advance GDP to decipher with expectations the USD might get a push higher if we see a rise from May’s 1.4%. Support on the chart is 0.5880, the low from early May.
Current Level: 0.5977
Support: 0.5880
Resistance: 0.6060
Last week’s range: 0.6005- 0.6109
The New Zealand Dollar (NZD) continues to underperform this week against the British Pound (GBP) falling briefly to 0.4655 (2.1490) Wednesday recovering slightly into Friday to 0.4670 (2.1415). UK CPI turned in sticky rising to 2.0% from 1.9% y/y in June, the Bank of England refraining from talk of cutting rates and will likely hesitate unwinding monetary policy with ongoing inflation pressures. We have already seen the Pound grow from 0.4810 (2.08) levels over the past fortnight, we predict a retest of 0.4630 (2.1585) the multi-year low.
The current interbank midrate is: NZDGBP 0.4663 GBPNZD 2.1445
The interbank range this week has been: NZDGBP 0.4652- 0.4718 GBPNZD 2.1193- 2.1493