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Kiwi dollar strong for now

NZD - New Zealand Dollar

The New Zealand dollar is stronger this morning when valued against the Greenback, but stuck to a tight range as markets await further developments on the geopolitical front. On the back of a series of upside surprises in Kiwi economic figures, the Kiwi dollar is now up 8.9% against the Greenback since the beginning of October. Third-quarter GDP growth was stronger than both the market and Reserve Bank of New Zealand (RBNZ) had envisaged and Consumer confidence also increased.

On the release front today in New Zealand we will see the release of Global Dairy Trade (GDT). Tomorrow all eyes will be on the ANZ Commodity Price Index. From a technical perspective, the NZD/USD pair is currently trading at 0.6636. We continue to expect support to hold on moves approaching 0.6620 while now any upward push will likely meet resistance around 0.6680.

Key Movers

The Greenback was the biggest mover overnight posting gains against most major rivals. The dollar strengthened on the back of better-than-expected U.S. non-manufacturing sector and factory orders data also lifted the dollar. The ISM Non-Manufacturing PMI improved to 55 in December from 53.9 in November, beating the market’s expectation of 54.5. Factory Orders in the country decreased by less than anticipated, down by 0.7% in November. Rest of the week is fairly quiet with the only relevant figure will be the ADP survey on private jobs’ creation ahead of the Nonfarm Payroll report on Friday.

Expected Ranges

NZD/USD: 0.6550 - 0.6750 ▼

NZD/AUD: 0.9550 - 0.9750 ▲

GBP/NZD: 1.9650 - 1.9850 ▲

NZD/EUR: 0.5850 - 0.6050 ▲

NZD/CAD: 0.8550 - 0.8750 ▲