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NZD

Positive risk appetite coupled with broader yuan strength supported Antipodean currencies Tuesday, with NZD/USD rallying to four-month highs. The kiwi was the best G10 performer for the second day in a row, likely drawing some additional support from a notable technical break, as NZD/USD punched through the intersection of its 200-DMA and a descending trendline drawn off Feb 2021 high.

  • The rate last changes hands at $0.7149, just shy of neutral levels. A clearance of yesterday's high of $0.7172 would shift focus to the $0.7213 area, which hosts the 61.8% retracement of the YtD range and three consecutive daily highs from mid-June. Bears look for a pullback under the 200-DMA/trendline resistance-turned-support at $0.7101/0.7098.
  • Health Min Hipkins discussed the local Covid-19 situation during this morning's round of interviews. The official warned that New Zealand's daily cases could hit "the high hundreds" in the coming weeks, but ruled out a snap Alert Level 4 lockdown in Auckland even if daily infections in the city reach triple digits.
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