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Kiwi dollar opens weaker against the Greenback

NZD - New Zealand Dollar

The New Zealand dollar is slightly weaker this morning when valued against the Greenback. The NZD/USD pair reached a 24 hour low of 0.6602 after the release of Chinese trade data which revealed a much larger than expected fall in imports. The NZD has been the worst performing currency so far this week, down 0.8% against the Greenback. On the data front yesterday there were no scheduled releases. However, looking ahead today and all eyes will be on the Quarterly Economic Survey of Manufacturing Sales. While on Wednesday we will see the release of monthly Visitor Arrivals.

From a technical perspective, the NZD/USD pair is currently trading at 0.6608. We continue to expect support to hold on moves approaching 0.6600 while now any upward push will likely meet resistance around 0.6660.

Key Movers

The Greenback gained on Monday against its major counterparts after the United States and Mexico reached a deal to avoid any tariffs. It has been a ‘risk-on’ start to the week for global markets after U.S. President Donald Trump announcement over the weekend that he would “’indefinitely suspend” tariffs on Mexico and threatening to impose a 5% import tariffs on all Mexican goods starting on Monday if Mexico did not commit to do more to tighten its borders.

The British Pound was among the worst performers on Monday against the Greenback, falling to 1.2650, following the release of disappointing UK data. The British Pound fell 0.4% after weaker than expected Gross Domestic Product contracted monthly basis in April by 0.4% and Industrial Production in the same month decreased by 1.0% vs. an expected 0.4% advance. We also saw the release of UK Manufacturing Production which declined by 0.8% against the 1.3% market's forecast. From a technical perspective, the GBP/USD pair is currently trading at 1.2687. We continue to expect support to hold on moves approaching 1.2650 while now any upward push will likely meet resistance around 1.2760.

Expected Ranges

NZD/AUD: 0.9400 - 0.9600 ▲

NZD/CAD: 0.8650 - 0.8850 ▼

NZD/EUR: 0.5740 - 0.5940 ▼

NZD/GBP: 0.5100 - 0.5300 ▼

NZD/USD: 0.6500 - 0.6700 ▼