FXstreet.com (London) - Kiwi remains relatively unchanged in Asian trading. After a brief rally form the open, Kiwi has dropped off a little consolidating around 0.7177. It has tested the 0.7170 support barrier several times in session without breaching, and we take this a strong support level.
Market eyes remain firmly on global macro indications which will be driven by Consumer spending data and jobs data from the major economies. RBZ's quarterly monetary policy statement is due this Thursday, rates are expected to stay fixed at their current level, 2.5%.
NZD/USD currently trading at 0.7176/8.
According to the New Zealand Herald, NZD is expected to stay tightly rangebound until Thursday:Sue Trinh, strategist at RBC Markets predicts the currency will trade between 71 US cents and 72.50 cents this week as it prepares for the Reserve Bank of New Zealand to review the official cash rate on Thursday.