USD to NZD Rate Falls New Range Below 0.60
NZD/USD fell below 0.60 yesterday, highlighting the volatility in the USD to NZD rate, despite positive sentiment in financial markets.
NZD/USD fell below 0.60 yesterday, highlighting the volatility in the USD to NZD rate, despite positive sentiment in global financial markets that saw most risk currencies gain by the end of the day. The Reserve Bank of New Zealand’s unexpected 25 basis point rate cut also contributed to the Kiwi’s downward reversal.
NZD/USD Chart Daily – A New Range Is Forming
NZD/USD dropped to 0.60 on Wednesday after forming a bearish engulfing candlestick pattern on the daily chart, and it continued to decline to 0.5974 yesterday. Moving averages continue to serve as resistance, with the peaks for this forex pair steadily decreasing. The price reversal earlier this week occurred just above the red 100 SMA and significantly below previous highs, signaling increased downward pressure and the persistence of a bearish trend. A new trading range seems to be forming, with resistance at 0.6050 and support at 0.5850. Early today, New Zealand’s PPI producer inflation data and comments from RBNZ Governor Orr were released.
New Zealand Producer Price Index (PPI) Inflation Report for Q2
- New Zealand Q2 PPI Output +1.1% q/q vs 0.6% expected and
- Q2 PPI inputs +1.4% q/q vs 0.5% expected
Business NZ Manufacturing PMI
- New Zealand July Manufacturing PMI 44.0 (prior 41.1)
BusinessNZ’s Director, Advocacy Catherine Beard:
NZD/USD Live Chart
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