The New Zealand dollar is slightly weaker this morning when valued against the Greenback as unexpectedly strong data on U.S. services industries and new home sales allayed some worries about the state of the world’s largest economy. Yesterday the kiwi dollar consistently tracked under the 0.68 mark.
On the release front yesterday the Global Dairy Trade which moved higher for the seventh straight time, led by a rally in whole milk powder. The GDT price index climbed 3.3 per cent from the previous auction two weeks ago. The average price was US$3,309 a tonne, compared with US$3,271 a tonne two weeks ago. Some 23,930 tonnes of product was sold, down from 25,324 tonnes two weeks ago. Whole milk powder jumped 6 per cent to US$3,186 a tonne.
From a technical perspective, the NZD/USD pair is currently trading at 0.6796. We continue to expect support to hold on moves approaching 0.6760 while now any upward push will likely meet resistance around 0.6830.