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Kiwi finds support at 0.64 against the US dollar

NZD - New Zealand Dollar

The New Zealand dollar received a boost yesterday afternoon after it was announced that China would take measures to ease the impact of the trade war. Following the announcement the Kiwi dollar immediately rose up from 0.6409 to as high as 0.6438. The Kiwi dollar continues to trade this morning just above 0.64 against the Greenback. Looking ahead on the data front and today we will see the release on Monthly Food Price Index (FPI) for August. On Friday we will see the release of monthly Business NZ Manufacturing Index.

From a technical perspective, the NZD/USD pair is currently trading at 0.6409. We continue to expect support to hold on moves approaching 0.6405 while now any upward push will likely meet resistance around 0.6439.

Key Movers

Key driver overnight the Great British Pound was trading just below a six-week high against the U.S dollar holding above the 1.2300 figure, as investors assessed the chances Prime Minister Boris Johnson can strike a Brexit deal with the European Union before Oct. 31. The UK didn’t release any macroeconomic figures yesterday, but as usual, all attentions were coming from the Brexit front. Looking ahead tonight and the market is likely to remain in a holding pattern ahead of the eagerly awaited European Central Bank meeting tonight at which the central bank is universally expected to announce new easing measures.

From a technical perspective, the GBP/USD pair is currently trading at 1.2327. We continue to expect support to hold on moves approaching 1.2311 while now any upward push will likely meet resistance around 1.2369.

Expected Ranges

NZD/USD: 0.6300 - 0.6500 ▼

NZD/AUD: 0.9250 - 0.9450 ▼

GBP/NZD: 1.9100 - 1.9300 ▼

NZD/EUR: 0.5700 - 0.5900 ▲

NZD/CAD: 0.8350 - 0.8550 ▲