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NZD/USD traded sideways Thursday as risk appetite stabilised. Easing concerns over the Omicron coronavirus variant were weighed against some fresh headwinds for Chinese companies from U.S. regulators and another round of Fed taper talk. The rate managed to eke out some gains at the end of the day.
- NZD/USD last trades at $0.6817, virtually unchanged on the day. A break above Dec 1 high of $0.6868 would bring the 50-DMA at $0.7014 into play. Bears look for a dip through Nov 30 low of $0.6773 before taking aim at Nov 2 low of $0.6589.
- Auckland has now officially moved out of lockdown as New Zealand adopts the new traffic light system of managing the outbreak of Covid-19. Health Min Hipkins told RNZ that "life is going to start to feel a lot more normal" but "Covid is going to spread around the country."
- Worth noting that Fonterra raised their 2021-22 milk price forecast by NZ$0.30 to NZ$8.40-9.00, with the mid-point of the forecast range reaching a record high of NZ$8.70.
- Looking ahead, next week's docket includes completed construction work (Monday), manufacturing activity (Thursday) as well as BusinessNZ M'fing PMI & card spending (Friday).