On Friday, the New Zealand dollar traded in a tight trading range, meeting some resistance just shy of 0.67, and closing the week around 0.6680. On the data front last week visitor arrivals were up 12,700 to 246,700. The biggest changes were in arrivals from: Australia (up 3,100) China (up 2,300) Malaysia (up 1,200). Credit Card Spending rose 7.7%.
The start of the week looks very quiet on the macroeconomic calendar. All kicking off on Wednesday with the release of Trade Balance and ANZ Business Confidence. On Thursday, all eyes will be on the Reserve Bank of New Zealand (RBNZ) Monetary Policy Statement which is expected to leave interest rates on hold at 1.75%.
From a technical perspective, the NZD/USD pair is currently trading at 0.6674. We continue to expect support to hold on moves approaching 0.6646 while now any upward push will likely meet resistance around 0.6727.