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NZD hit by falling inflation expectations

The falling inflation expectations in New Zealand weakened the Kiwi against the US dollar.

The NZD/USD pair traded 0.48% lower at 0.7824 levels at the time of writing. The kiwi came under pressure after the Reserve Bank of New Zealand (RBNZ) data showed inflation expectations cooled down to 2.1% in the third quarter, compared to the previous quarter’s reading of 2.2%.

Meanwhile, the greenback trades strong ahead of the second estimate of the US Q3 GDP. A better-than-expected US GDP today could further weaken the Kiwi against the US dollar.

NZD/USD Technical Levels

The pair has a strong resistance of the 50-DMA located at 0.7882 levels. On the flip side, the pair has multiple support in 0.7790-0.7810 area, breach of which could push the pair down to 0.7760 levels.

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