NZD - New Zealand Dollar
With market volatility remaining suppressed in the lead-up to Easter the Kiwi is steady this morning then valued against the Greenback. The NZD/USD traded in a tight range on Tuesday between 0.6740 and 0.6768. Overnight on the release front the GDT dairy auction price index rose by 0.5%, in the range of expectations, marking a tenth consecutive increase and taking cumulative gains since November to around 28%.
Looking ahead today on the release front and all attentions turn to Q1 Consumer Price Index (CPI) data this morning forecast seen up by 0.3% vs. previous 0.1%.
From a technical perspective, the NZD/USD pair is currently trading at 0.6767. We continue to expect support to hold on moves approaching 0.6730 while now any upward push will likely meet resistance around 0.6780.
US data released overnight was mixed. US home builder sentiment rose to a 6-month high in April rising one point to 63. Sentiment levels have held in the low 60s for the past three months. We also saw the release of US Industrial production which was on the softer side (contracted 0.1% in March) amidst weaker global economic conditions. Looking ahead tonight the US will publish its February Trade Balance, and Mortgage Applications for last week.
0.9400 - 0.9500 ▼NZD/EUR:
0.5800 - 0.6000 ▲NZD/GBP:
0.5100 - 0.5300 ▲NZD/USD:
0.6700 - 0.6800 ▲NZD/CAD:
0.9000 - 0.9200 ▲