NZD/USD lower overnight - resistance cited circa 0.6730/40 now

Author: Eamonn Sheridan | Category: Forex Orders

Some snippets from commentary for the session via BNZ

Overnight:
  • backdrop of a stronger USD
  • NZD …  down to 0.67
  • after again meeting some technical resistance in the 0.6730-0.6740 zone
On yesterday's data:
  • NZ inflation data had no impact on the market yesterday
On NZ economy:
  • growth slowing
  • global risks in the background
  • inflation pressures will remain well contained
On the RBNZ:
  • market continues to place a high weight on another rate cut next month
Dairy auction:
  • GDT dairy auction was better than expected
  • The recovery breaks the downturn in pricing, but we'd be hesitant to suggest that it marks the start of a fresh upward trend. Our bias remains for flat to lower pricing over coming months.
----
Handy summary from BNZ. Note the resistance level cited, daily chart (wobbly line is mine):

Some snippets from commentary for the session via BNZ

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose