NZD/USD: The New Zealand dollar plunged to a 3-1/2 month low as domestic inflation slowed more than expected in the first quarter, which raised the chances of an interest rate cut in the coming months. The economy’s consumer price index rose just 0.1 percent in the first three months of the year from the fourth quarter, below estimates of 0.3 percent by analysts and the 0.2 percent forecast by the Reserve Bank of New Zealand. The Kiwi trades 0.4 percent down at 0.6735, having touched a low of 0.6665, its lowest level Jan. 3. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6799 (Apr. 4 High), a break above could take it near 0.6827 (Mar. 5 High). On the downside, support is seen at 0.6652 (Jan. 2 Low), a break below could drag it below 0.6585 (Jan. 3 Low).
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