15 Jul 2015
NZD/USD meanders near lows below 0.6700
FXStreet (Mumbai) - The New Zealand dollar remains heavy against the American dollar in mid-European session, knocking-off NZD/USD to fresh session lows below 0.67 handle. The Kiwi accelerates losses in anticipation of a weaker GDT price index reading ahead of tomorrow’s crucial NZ CPI figures.
NZD/USD back below 0.6700
Currently, the NZD/USD pair trades lower by -0.34% at 0.6689, sitting near fresh six year lows. The Kiwi snapped previous gains and fell back in red amid RBNZ rate cut talks resurfacing ahead of today’s Fonterra price auction and NZ CPI release due tomorrow.
Markets are expecting to see the quarterly CPI turn positive again last quarter, but they also expect inflation to take some time to reach the Reserve Bank of New Zealand's (RBNZ) 1-3% target range again.
Meanwhile, the pair is likely to be influenced by Fed Chair Yellen’s speech later tonight which is expected to cause some volatility across the FX space.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6724 (Today’s High) levels and above which it could extend gains to 0.6753 (July 13 High). To the downside immediate support might be located at 0.6623 (July 8 low) below that at 0.6600 levels.
NZD/USD back below 0.6700
Currently, the NZD/USD pair trades lower by -0.34% at 0.6689, sitting near fresh six year lows. The Kiwi snapped previous gains and fell back in red amid RBNZ rate cut talks resurfacing ahead of today’s Fonterra price auction and NZ CPI release due tomorrow.
Markets are expecting to see the quarterly CPI turn positive again last quarter, but they also expect inflation to take some time to reach the Reserve Bank of New Zealand's (RBNZ) 1-3% target range again.
Meanwhile, the pair is likely to be influenced by Fed Chair Yellen’s speech later tonight which is expected to cause some volatility across the FX space.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6724 (Today’s High) levels and above which it could extend gains to 0.6753 (July 13 High). To the downside immediate support might be located at 0.6623 (July 8 low) below that at 0.6600 levels.