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Forex: NZD/USD hovering over 0.8450

The kiwi dollar is advancing on Monday, consolidating around the mid 0.84s after falling to the proximities of 0.8420 during the European morning.

According to M.Mohi-uddin, Director of FX Strategy at UBS, the bank’s outlook for New Zealand’s Q4 GDP would be 0.8% QoQ, reflecting the recent improvements in the PMI print and retail sales. “As a result we see the next move being a hike in interest rates in New Zealand. New Reserve Bank Governor Wheeler has already taken a hawkish line on the country's high levels of external debt and this month he appointed a second Deputy Governor, Geoff Bascand, a former senior economist at the IMF”, explained the analyst.

At the moment, the cross is up 0.11% at 0.8454 and in the view of ICN.com analysts next support levels lie at 0.8415 to 0.8380 while resistances are located at 0.8480 and 0.8500

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