NZD - New Zealand Dollar
The Kiwi dollar is weaker this morning when valued against the US dollar. During Friday’s session the Kiwi was down 0.5% to a daily low of 0.6330 as the NZD/USD pair came under renewed selling pressure on the back of news suggesting that the US President hasn’t decided yet on rolling back tariffs. Looking ahead this week and all eyes turn to the Reserve bank of New Zealand latest monetary policy statement with markets expecting the RBNZ to cut the official cash rate by 25bps. On Friday we will see the release of Business NZ Manufacturing Index.
From a technical perspective, the NZD/USD pair is currently trading at 0.6326. We continue to expect support to hold on moves approaching 0.6300 while now any upward push will likely meet resistance around 0.6380.
In the United Kingdom the Great British Pound was also weaker on Friday against the US dollar down below the 1.2800 level with the Sterling still suffering from the echoes of a dovish Bank of England, as two out of the nine MPC voted for a rate cut. Looking ahead this week and the UK calendar will be quite busy. On Monday we will see the release of Industrial and Manufacturing Production for September, the Goods Trade Balance for the same month, and more relevant the preliminary estimate of Q3 Gross Domestic Product. The economy is expected to have grown by 0.3% in the three months to September, recovering from -0.2% in the previous quarter. From a technical perspective, the GBP/USD pair is currently trading at 1.2773. We continue to expect support to hold on moves approaching 1.2750 while now any upward push will likely meet resistance around 1.2815.
0.6250 - 0.6450 ▼NZD/AUD:
0.9150 - 0.9350 ▲GBP/AUD:
2.0050 - 2.0250 ▼NZD/EUR:
0.5650 - 0.5850 ▲NZD/CAD:
0.8250 - 0.8450 ▼