15 Jun 2015
NZD/USD off lows, but weak around 0.6980
FXStreet (Mumbai) - The NZD/USD pair recovered slightly from the low of 0.6958 to trade around 0.6980 levels even though the NZIER revised its 2015 and 2016 economic growth forecasts lower.
Traders await the FOMC decision
The US dollar weakened across the board last week, except against the Kiwi, which fell on account of an interest rate cut by the RBNZ. Traders now await the FOMC decision, which could provide insight into the timing of interest rate hike in the US. A hawkish statement would confirm a diverging monetary policy path adopted by RBNZ and Fed.
Ahead in the day, the pair could be influenced by the action in the AUD/NZD cross after RBA’s Kent’s speech. The US industrial production data due for release in the North American session would also influence the pair.
NZD/USD Technical Levels
The immediate support is seen at 0.6941, under which the pair could target 0.6900. On the flip side, a break above 0.70 could see the pair re-test 0.7044 (10-DMA).
Traders await the FOMC decision
The US dollar weakened across the board last week, except against the Kiwi, which fell on account of an interest rate cut by the RBNZ. Traders now await the FOMC decision, which could provide insight into the timing of interest rate hike in the US. A hawkish statement would confirm a diverging monetary policy path adopted by RBNZ and Fed.
Ahead in the day, the pair could be influenced by the action in the AUD/NZD cross after RBA’s Kent’s speech. The US industrial production data due for release in the North American session would also influence the pair.
NZD/USD Technical Levels
The immediate support is seen at 0.6941, under which the pair could target 0.6900. On the flip side, a break above 0.70 could see the pair re-test 0.7044 (10-DMA).