FOREX: NZDUSD Extends Recovery to 1.8%, Quiet NZ Calendar Next Week
Aug-29 16:12
- Although moves have remained relatively contained across G10 currency markets on Friday, the late dollar weakness across the US session has allowed the Kiwi dollar to stand atop the G10 leaderboard.
- NZDUSD has extended its bounce from firm pivot support at 0.5800 to over a big figure in the last week. However, as bearish trend conditions remain overall, this might suggest that good supply is seen into 50-day EMA resistance around 0.5930.
- The RBNZ is likely to cut the 3% Official Cash Rate by 25 basis points in both October and November, but further easing into 2026 will hinge on labour market weakness and spare capacity, a former senior RBNZ economist told MNI, adding that U.S. trade policy and the Federal Reserve could feed disinflationary pressures via currency markets.
- The dovish RBNZ has seen the AUDNZD surge higher, breaking back above 1.1000 convincingly last week. There have been some primary signs on Friday of momentum stalling above 1.1100, however, look for dips back towards 1.1000/1.1030 to be well supported.
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