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Kiwi dollar higher on strength in commodity prices

NZD - New Zealand Dollar

The New Zealand dollar is stronger this morning when valued against the Greenback. The NZD/USD pair rose on Monday due to an increase in commodity prices led by oil and the US Dollar (USD) weakness. The NZD/USD pair reached a 24 hour high of 0.6753.

Looking ahead today in NZ (for the second consecutive day) with no major releases from either the United States or New Zealand. All attentions this week will turn to Friday’s release of Business NZ Manufacturing Index and monthly Visitor Arrivals.

From a technical perspective, the NZD/USD pair is currently trading at 0.6740. We continue to expect support to hold on moves approaching 0.6720 while now any upward push will likely meet resistance around 0.6760.

Key Movers

Overnight we saw the Greenback decline against a basket of currencies as recent strong economic data eased worries about the global economy. Markets are in a holding pattern ahead of several key event risks later this week. On Wednesday we will see the release of the US Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) minutes. On the release front yesterday US Factory Orders fell in February by 0.5%, better than the 0.6% decline expected, although down for a fourth consecutive month, fuelling fears of slowing economic growth. There are no major scheduled releases in the US today.

Expected Ranges

NZD/AUD: 0.9350 - 0.9560 ▼

GBP/NZD: 1.9270 - 1.9480 ▲

NZD/USD: 0.6630 - 0.6840 ▲

NZD/EUR: 0.5880 - 0.6090 ▼

NZD/CAD: 0.8870 - 0.9080 ▼