New Zealand dollar holds above 59 US cents

Daily Currency Update

The Kiwi dollar is slightly stronger this morning when valued against the Greenback. The NZD/USD pair attracted some buying for the third successive day on Friday and climbed back above the 0.5900 mark during the first half of the European session. Heading into the key data risk, expectations that the Fed is nearing the end of its policy tightening campaign continue to drag the Greenback. The NZD/USD pair is currently trading at 0.5966 at the time of writing. From a technical standpoint, we should see support for the Kiwi dollar at 0.5930 and any Resistance levels at 0.6000.
Looking ahead on the data front this week and today we will see the release of the Australia and New Zealand Banking Group (ANZ) Commodity Price Index which measures the average price of the nation's main commodity exports are sampled on the global market and then compared to the previous sampling. On Wednesday the Reserve Bank of New Zealand will release the quarterly Inflation Expectations based on a survey of about 100 consumers which asks respondents where they expect prices to be 24 months in the future. Expectations of future inflation can manifest into real inflation, primarily because workers tend to push for higher wages when they believe prices will rise. Finally, on Friday BusinessNZ will release the Performance of Manufacturing Index a survey of manufacturers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.