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Kiwi dollar opens higher after a long weekend
NZD - New Zealand Dollar
The Kiwi dollar is slightly stronger this morning when valued against the Greenback, trading around the 0.6680 level, on the back of sluggish data from the US. Yesterday was a bank holiday in New Zealand with no scheduled releases.
Looking ahead today on the release front and we will see the release of NZ Credit card spending (YoY) is likely to soften to 5.5% from 6.4% in March.
From a technical perspective, the NZD/USD pair is currently trading at 0.6681. We continue to expect support to hold on moves approaching 0.6660 while now any upward push will likely meet resistance around 0.6690.
Key Movers
On the release front yesterday in the United States we saw the US release of Chicago Fed Manufacturing Activity Index which resulted in -0.15 in March, better than the previous -0.31, and US Existing Home Sales for the same month, which declined by 4.9% when compared to February, more than doubling the market's forecast of -2.3%, while February's reading was downwardly revised to 11.2%.
Looking ahead today in the US we will see the release of March New Home Sales, and the April Richmond Fed Manufacturing Index. On Thursday the US will release Durable Goods Orders.
Expected Ranges
NZD/AUD: 0.9260 - 0.9460 ▲NZD/CAD: 0.8810 - 0.9010 ▼
NZD/EUR: 0.5830 - 0.6040 ▼
NZD/GBP: 0.5040 - 0.5250 ▲
NZD/USD: 0.6600 - 0.6800 ▲