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Ticking Away From Lows

NZD

NZD/USD traded on a softer footing Monday, with NZ financial markets shut for a holiday, which put offshore catalysts in the driver's seat. The rate sold off initially as China imposed strict lockdown in swathes of Beijing. The PBOC's decision to trim its FX RRR by 1pp and a subsequent recovery in U.S. equity space helped NZD/USD move away from intraday lows later in the day, but neutral levels remained out of reach.

  • NZD/USD trades at $0.6622 at typing, up 6 pips on the day, extending its recovery from yesterday's trough. Worth noting that the rate lodged its worst levels since Feb 1 on Monday.
  • The key nearby layer of support has been defined at $0.6530, which marks the low print of Jan 28. On the flip side, a rebound above Apr 20 high of $0.6813 would be a ray of hope for bulls.
  • The RBNZ will report New Zealand's credit card spending data today, with trade balance and ANZ sentiment surveys coming up later this week.
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