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NZD/USD Edges Lower Holds above 0.6080, 'Significantly Slower' Growth

NZD

NZD pushed lower on Friday as the USD strengthen higher US yields and comments from comments from NZ Minister around " significantly slower" economic growth for NZ over the coming years were the major drivers. The kiwi was down 0.75% on Friday and 1.45% over the past week, while the BBDXY finished Friday up 0.17%, closing the week 0.37% higher

  • NZD/USD made new lows towards the close on Friday 0.6081 after earlier breaking through the 200-day EMA and has opened inline with Friday closing levels at 0.6085.
  • Key levels to watch: Initial support at 0.6069 (Mar 6 lows), below here we open up a retest of the yearly lows of 0.6038 (Feb 5). Initial resistance at 0.6113 (200-day EMA), a break above opens a move to the 0.6175 (Mar 14 high).
  • Infometrics principal economist Brad Olsen expects NZ unemployment rate to rise to 5% by the end of the year due with jobs growth not matching population growth.
  • Earlier, NZ performance Services Index came in slightly higher than last month at 53.00 vs 52.2 after being revised up from 52.1
  • Looking ahead this week NZ GDP is due Wednesday and Trade Balance on Thursday

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