Daily Currency Update

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New Zealand dollar is little changed from last week’s close

NZD - New Zealand Dollar

The New Zealand dollar is little changed from last week’s close when valued against the Greenback. This week the kiwi dollar continues to trade in a tight trading range around 0.6860. Overnight on the release front The GDT dairy Price Index rose by 1.9%, taking its gain since November to 26%, while whole milk powder prices rose by 4.0%, supported by a reduction in volumes owing to dry weather.

In the session ahead all eyes will be on Quarterly Survey of Business Opinion is expected to show weaker business confidence and activity indicators. GDT dairy auction should be another positive release today, extending the strong run of upward price momentum towards the 30% mark.

From a technical perspective, the NZD/USD pair is currently trading at 0.6786. We continue to expect support to hold on moves approaching 0.0.6780 while now any upward push will likely meet resistance around 0.0.6840.

Key Movers

Overnight the Greenback gathered momentum on the back of better-than-expected U.S. data. Yesterday saw the release of Markit Manufacturing PMI which suffered a strong downward revision, from 52.6 to 50.5, but the official ISM index surged to 55.3 surpassing the expected 54.5 and above the previous 54.2. Yesterday we also saw the release of US Construction Spending rose by 1.0% in February, surpassing the market's expectations. Looking ahead today and all eyes will be on Durable Goods Orders for February, seen falling by 1.8% after January reading was downwardly revised 0.3%.

Expected Ranges

NZD/AUD: 0.9430 - 0.9640 ▼

GBP/NZD: 1.9120 - 1.9320 ▼

NZD/USD: 0.6670 - 0.6880 ▼

NZD/EUR: 0.5950 - 0.6150 ▲

NZD/CAD: 0.8910 - 0.9120 ▼