Daily Currency Update

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Kiwi slides further against the USD

NZD - New Zealand Dollar

The Kiwi slid further against the USD during Friday’s trading session touching on an intraday low of 0.7019 to open at 0.7035 this morning. The NZD came under pressure after US Federal Reserve Jerome Powell’s talk early Friday said that inflation is unlikely and the central bank is nowhere near to reducing its support for the US.

NZ Business Confidence is expected to be released on Tuesday. Showing a level of a diffusion index based on surveyed businesses, it is a leading indicator of economic health and is used as an early signal of future economic activity.

Key Movers

Canadian employment data showed tremendous positive data with just over 300,000 jobs added last month compared to it’s forecasted expectations of 101,500. The unemployment rate has also dropped to 7.5% from 8.2%.

In the US, Federal Reserve Jerome Powell is scheduled to discuss the economy in an interview conducted by 60 minutes. As head of a central bank, his public engagements are scrutinized as they are often used to drop clues regarding the country’s future monetary policy.

Expected Ranges

NZD/AUD: 0.9105 - 0.9320 ▼

NZD/CAD: 0.8685 - 0.8920 ▼

NZD/EUR: 0.5765 - 0.6010 ▼

GBP/NZD: 1.9120 - 1.9940 ▲

NZD/USD: 0.6920 - 0.7130 ▼