Category: Forex News

New Zealand dollar struggles to get off the floor

By Published On: March 25, 20240.7 min readViews: 1350 Comments on New Zealand dollar struggles to get off the floor

NZDUSD daily chart

The US dollar is retracing on most fronts today but the New Zealand dollar is an exception. NZD/USD remains within striking distance of a four-month low and below recent support.

Two days of heavy selling on Thursday and Friday broke through the 2024 low and it’s found little buying interest down here.

That’s a bad sign going forward for the only G10 currency that can compete with the US dollar on rate differentials.

The RBNZ cash rate is at 5.50% and the market is pricing in 73 bps in cuts this year. The housing market in New Zealand has remained resilient and it hasn’t gotten a boost from improving global risk appetite and commodity prices.

As for the chart, it’s not a pretty one. The lack of bounce today is ominous and there isn’t much support until 0.5850, though a close today above 0.6000 might encourage some more-optimistic bulls.


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.


Discover more from BIPNs

Subscribe to get the latest posts to your email.