Daily Currency Update
NZD - New Zealand DollarThe kiwi dollar is slightly weaker this morning when valued against the Greenback trading at 0.6540, 0.2% lower, from Friday night’s close. Yesterday was quiet on the on the data front with no scheduled releases. The US markets were closed overnight for Memorial Day holiday. Looking ahead this week and all attentions turn to Wednesday’s release of the Reserve Bank of New Zealand (RBNZ) Financial Stability Report which provides insights into the bank's view of inflation. RBNZ Gov Adrian Orr will hold a press conference about the Financial Stability Report at 9.00am. On Wednesday we will also see the release of the ANZ Business Confidence. On Thursday we will see the release of monthly Building Consents and the Annual Budget Release. From a technical perspective, the NZD/USD pair is currently trading at 0.6545. We continue to expect support to hold on moves approaching 0.6530 while now any upward push will likely meet resistance around 0.6560.
Key Movers
A quiet session overnight on the back of the US and UK markets being closed for the Memorial Day (US) and Spring Bank (UK) Holiday’s. The GBP/USD continued to edge lower overnight as the Sterling remains weak on the back of Brexit uncertainty. The prospect of a “no deal” Brexit is fast becoming the central battle of the race among the contenders to succeed UK Prime Minister Theresa May. Britain must leave the EU on Oct. 31 even if this means a no-deal Brexit. The Sterling fell to a 24 hour low of 1.2667 against the Greenback. Looking ahead tonight in the European session and the UK will publish April BBA Mortgage Approvals and the Inflation Report Hearings. From a technical perspective, the GBP/USD pair is currently trading at 1.2681. We continue to expect support to hold on moves approaching 1.2640 while now any upward push will likely meet resistance around 1.2695.
Expected Ranges
- NZD/CAD: 0.8700 - 0.8900 ▼
- NZD/AUD: 0.9400 - 0.9600 ▲
- NZD/EUR: 0.5750 - 0.5950 ▲
- NZD/GBP: 0.5050 - 0.5250 ▲
- NZD/USD: 0.6450 - 0.6650 ▼